Solved Exercises on Simple Money Problems Year 2 in Grade 1

Master Year 2 money skills: advanced counting, making change, and solving practical money problems through these 5 detailed exercises.

Year 2 Money Advanced Concepts
💰 100¢ = $1.00 | 🪙 4 quarters = $1.00 | 💵 10 dimes = $1.00
Money Equivalences
Key Definitions:

Dollar Sign ($): Symbol for dollars (100 cents)

Decimal Notation: Writing money amounts with $ and decimal point

Equivalent Amounts: Different combinations that equal the same value

Simple Money Problems: Basic operations with money amounts up to $1.00

1¢
Penny
5¢
Nickel
10¢
Dime
25¢
Quarter
$1
Dollar Bill
Year 2 Money Skills:
  1. Advanced Counting: Counting combinations of different coins efficiently
  2. Decimal Notation: Converting between cents and dollar notation
  3. Equivalent Amounts: Finding different ways to make the same amount
  4. Multi-step Problems: Solving problems with multiple operations
  5. Real-world Applications: Practical money scenarios
Tip 1: Count quarters by 25s, dimes by 10s, nickels by 5s, pennies by 1s.
Tip 2: Look for combinations that make $1.00 (like 4 quarters or 10 dimes).
Tip 3: When making change, think "what goes with the cost to make the payment?"
Tip 4: Always check if your answer makes sense in the context of the problem.
Solution: Exercises 1 to 3
1 Advanced Counting
Exercise 1
👧
Sarah has 1 quarter, 3 dimes, 2 nickels, and 7 pennies. How much money does she have?
Key Information:

Coins: 1 quarter, 3 dimes, 2 nickels, 7 pennies

Operation: Addition (counting total)

Goal: Find total value of all coins

Counting Method:
  1. Count largest coins first (quarters)
  2. Calculate value of each coin type separately
  3. Add all values together
  4. Express in dollars and cents
Step 1: Identify coin values

Quarter = 25¢, Dime = 10¢, Nickel = 5¢, Penny = 1¢

Step 2: Calculate each group

1 quarter = 1 × 25¢ = 25¢

3 dimes = 3 × 10¢ = 30¢

2 nickels = 2 × 5¢ = 10¢

7 pennies = 7 × 1¢ = 7¢

Step 3: Add all values

25¢ + 30¢ + 10¢ + 7¢ = 72¢

Step 4: Express in dollars

72¢ = $0.72

Sarah has 72¢ or $0.72
Final answer:

Sarah has 72¢ or $0.72

Applied rules:

• Multiplication: Number of coins × Value per coin

• Addition: Sum all coin values

• Organization: Group by coin type for accuracy

2 Multi-Item Purchase
Exercise 2
👦
Tom bought a toy car for 45¢ and some stickers for 35¢. He paid with $1.00. How much change should he get?
Key Information:

Toy Car: 45¢

Stickers: 35¢

Payment: $1.00

Question: How much change?

Operations: Addition then subtraction

Step 1: Calculate total cost

45¢ + 35¢ = 80¢

Step 2: Convert payment to cents

$1.00 = 100¢

Step 3: Calculate change

100¢ - 80¢ = 20¢

Step 4: Express in dollars

20¢ = $0.20

Tom should get 20¢ or $0.20 change
Final answer:

Tom should get 20¢ or $0.20 change

Applied rules:

• Addition: Combine multiple purchase amounts

• Subtraction: Payment - Total cost = Change

• Unit Conversion: Ensure consistent units

3 Equivalent Amounts
Exercise 3
👧
Emma has 50¢. Show two different ways to make 50¢ using coins.
Key Information:

Target Amount: 50¢

Task: Find two different coin combinations

Concept: Equivalent amounts

Step 1: Find first combination

Option 1: 2 quarters = 2 × 25¢ = 50¢

Step 2: Find second combination

Option 2: 5 dimes = 5 × 10¢ = 50¢

Step 3: Verify both equal 50¢

25¢ + 25¢ = 50¢ ✓

10¢ + 10¢ + 10¢ + 10¢ + 10¢ = 50¢ ✓

Two ways to make 50¢: 2 quarters OR 5 dimes
Final answer:

Way 1: 2 quarters = 50¢

Way 2: 5 dimes = 50¢

Applied rules:

• Equivalence: Different combinations can equal same amount

• Flexibility: Multiple ways to represent money amounts

• Verification: Check that combinations equal target

Solution: Exercises 4 to 5
4 Comparison with More Complex Amounts
Exercise 4
👦
Jake has 3 quarters and 2 dimes.
👧
Mia has 2 quarters and 5 dimes. Who has more money and how much more?
Key Information:

Jake's Money: 3 quarters + 2 dimes

Mia's Money: 2 quarters + 5 dimes

Questions: Who has more? How much more?

Operations: Addition then comparison

Step 1: Calculate Jake's money

3 quarters = 3 × 25¢ = 75¢

2 dimes = 2 × 10¢ = 20¢

Total for Jake: 75¢ + 20¢ = 95¢

Step 2: Calculate Mia's money

2 quarters = 2 × 25¢ = 50¢

5 dimes = 5 × 10¢ = 50¢

Total for Mia: 50¢ + 50¢ = 100¢

Step 3: Compare and find difference

Mia: 100¢, Jake: 95¢

100¢ - 95¢ = 5¢

Mia has more money by 5¢
Final answer:

Mia has more money by 5¢

Applied rules:

• Multi-step Calculation: Calculate each person's total separately

• Comparison: Compare final totals

• Subtraction: Find difference between amounts

5 Complex Multi-Step Problem
Exercise 5
👧
Lily started with 75¢. She spent 30¢ on a snack. Then she found 20¢ on the ground. Her mom gave her 25¢ for helping with chores. How much money does Lily have now?
Key Information:

Starting Amount: 75¢

Spent: 30¢

Found: 20¢

Received: 25¢

Question: How much money now?

Operations: Subtraction, addition, addition in sequence

Step 1: Start with initial amount

Lily starts with: 75¢

Step 2: Subtract amount spent

75¢ - 30¢ = 45¢

Step 3: Add money found

45¢ + 20¢ = 65¢

Step 4: Add money received

65¢ + 25¢ = 90¢

Step 5: Express in dollars

90¢ = $0.90

Lily has 90¢ or $0.90 now
Final answer:

Lily has 90¢ or $0.90 now

Applied rules:

• Sequential Operations: Follow events in chronological order

• Multi-step: Perform operations one at a time

• Verification: Check that final amount is reasonable

Questions & Answers

Question: My Year 2 child is getting confused with equivalent amounts. How can I help them understand that different coins can equal the same value?

Answer: This is a crucial Year 2 concept! Here are strategies to help:

  • Physical Manipulation: Use real coins to show different combinations that equal the same amount
  • Visual Charts: Create equivalence charts showing different ways to make amounts
  • Grouping Activities: Have them sort coins into groups that equal the same value
  • Real-life Examples: Show how $1.00 can be made with 4 quarters, 10 dimes, or 20 nickels
  • Games: Play "find another way" games where they create equivalent amounts

Start with simple equivalents like 2 dimes = 20 pennies, then progress to more complex combinations.

Question: Sometimes I get lost when money problems have lots of steps. How can I keep track of what I'm doing?

Answer: Multi-step problems can be tricky! Here are organization strategies:

  1. Read Carefully: Read the problem twice to understand all steps
  2. Circle Key Numbers: Mark all the important amounts
  3. Write Down Each Step: Don't try to do everything in your head
  4. Use the Process: Start → Action → Result → Next Action → Final Result
  5. Check Your Work: Go back and make sure each step makes sense

Example: Started with 50¢, spent 20¢, found 15¢
Step 1: 50¢ - 20¢ = 30¢
Step 2: 30¢ + 15¢ = 45¢
Final answer: 45¢

Question: What are the most important Year 2 money skills that prepare students for Year 3?

Answer: Year 2 students should master these advanced money concepts:

  • Complex Counting: Efficiently count combinations of different coins
  • Equivalent Amounts: Understand that different coins can equal the same value
  • Multi-step Problems: Solve problems requiring multiple operations
  • Decimal Notation: Comfortably convert between cents and dollar notation
  • Real-world Applications: Apply money skills to practical scenarios
  • Problem-solving Strategy: Organize and solve multi-step problems systematically
  • Mental Math: Perform basic money calculations mentally

These skills provide the foundation for Year 3, where students work with larger amounts and more complex financial concepts.