Solved Exercises on Simple Money Word Problems in Grade 1

Master money word problems: reading, interpreting, and solving real-world money scenarios through these 5 detailed exercises.

Word Problem Concepts & Strategies
📖 READ → THINK → PLAN → SOLVE → CHECK
Problem-Solving Steps
Key Definitions:

Word Problem: A math problem presented as a story or real-life situation

Key Words: Words that indicate mathematical operations (more, less, total, each, buy, sell)

Clue Words: Words that suggest which operation to use (+, -, ×, ÷)

Money Word Problems: Story problems involving coins, bills, and transactions

5-Step Problem Solving Method:
  1. Read Carefully: Understand what the problem is asking
  2. Think: Identify important information and what operation to use
  3. Plan: Decide how to solve the problem
  4. Solve: Carry out the calculation
  5. Check: Make sure the answer makes sense
Problem-Solving Workflow
1
READ
2
THINK
3
PLAN
4
SOLVE
5
CHECK
Tip 1: Circle or underline important numbers and words in the problem.
Tip 2: Draw pictures to visualize the problem.
Tip 3: Ask yourself: "What am I trying to find?"
Tip 4: Use actual coins to model the problem if possible.
Solution: Exercises 1 to 3
1 Basic Addition Problem
Exercise 1
👧
Anna has 25¢ in her piggy bank. Her mom gives her 15¢ more. How much money does Anna have now?
Key Information:

Starting amount: 25¢

Additional amount: 15¢

Operation: Addition (has + gets more = total)

Problem-Solving Steps:
  1. Read: Anna starts with 25¢, gets 15¢ more
  2. Think: Need to add the amounts together
  3. Plan: 25¢ + 15¢ = ?
  4. Solve: Add the numbers
  5. Check: Does the answer make sense?
Step 1: Identify the amounts

Anna's money: 25¢

Mom's gift: 15¢

Step 2: Set up the addition

25¢ + 15¢ = ?

Step 3: Add the amounts

25¢ + 15¢ = 40¢

Step 4: Express in dollars

40¢ = $0.40

Anna has 40¢ or $0.40
Final answer:

Anna has 40¢ or $0.40

Applied rules:

• Addition: When combining amounts

• Same Units: Both amounts in cents

• Verification: Answer is reasonable

2 Shopping Problem
Exercise 2
👦
Ben wants to buy an apple that costs 35¢. He has 50¢. How much change will he get back?
Key Information:

Amount Ben has: 50¢

Cost of apple: 35¢

Operation: Subtraction (has - spends = change)

Step 1: Identify amounts

Ben's money: 50¢

Apple cost: 35¢

Step 2: Set up subtraction

50¢ - 35¢ = ?

Step 3: Calculate change

50¢ - 35¢ = 15¢

Step 4: Express in dollars

15¢ = $0.15

Ben will get 15¢ or $0.15 back
Final answer:

Ben will get 15¢ or $0.15 back

Applied rules:

• Subtraction: When finding difference or change

• Same Units: Both amounts in cents

• Logic Check: Change is less than amount paid

3 Comparison Problem
Exercise 3
👧
Lucy has 45¢.
👦
Max has 30¢. How much more money does Lucy have than Max?
Key Information:

Lucy's money: 45¢

Max's money: 30¢

Question: How much more? (difference)

Operation: Subtraction (more than means difference)

Step 1: Identify amounts

Lucy: 45¢

Max: 30¢

Step 2: Set up subtraction

45¢ - 30¢ = ?

Step 3: Calculate difference

45¢ - 30¢ = 15¢

Step 4: Express in dollars

15¢ = $0.15

Lucy has 15¢ more than Max
Final answer:

Lucy has 15¢ more than Max

Applied rules:

• Subtraction: "How much more" means find the difference

• Comparison: Larger amount minus smaller amount

• Same Units: Both amounts in cents

Solution: Exercises 4 to 5
4 Multi-Item Purchase Problem
Exercise 4
👧
Emma buys a pencil for 20¢ and an eraser for 15¢. She pays with 50¢. How much change should she get back?
Key Information:

Pencil cost: 20¢

Eraser cost: 15¢

Payment: 50¢

Operations: Addition (total cost) then Subtraction (change)

Step 1: Find total cost

Pencil: 20¢

Eraser: 15¢

Total: 20¢ + 15¢ = 35¢

Step 2: Calculate change

Payment: 50¢

Total cost: 35¢

Change: 50¢ - 35¢ = 15¢

Step 3: Express in dollars

15¢ = $0.15

Emma should get 15¢ or $0.15 back
Final answer:

Emma should get 15¢ or $0.15 back

Applied rules:

• Multiple Operations: First add costs, then subtract from payment

• Order of Operations: Find total cost before calculating change

• Verification: Change + Total cost = Payment (15¢ + 35¢ = 50¢ ✓)

5 Saving Problem
Exercise 5
👦
Sam saves 10¢ every day for 3 days. Then he spends 25¢ on candy. How much money does he have left?
Key Information:

Savings rate: 10¢ per day

Days saved: 3 days

Amount spent: 25¢

Operations: Multiplication (daily savings) then Subtraction

Step 1: Calculate total savings

10¢ per day × 3 days = 30¢

Step 2: Calculate remaining money

Savings: 30¢

Spent: 25¢

Remaining: 30¢ - 25¢ = 5¢

Step 3: Express in dollars

5¢ = $0.05

Sam has 5¢ or $0.05 left
Final answer:

Sam has 5¢ or $0.05 left

Applied rules:

• Multiplication: When something happens repeatedly

• Subtraction: When spending from savings

• Verification: Spent + Left = Total (25¢ + 5¢ = 30¢ ✓)

Questions & Answers

Question: My child struggles with understanding whether to add or subtract in word problems. How can I help them identify the correct operation?

Answer: Here are strategies to help identify the correct operation:

  • Look for Clue Words:
    • Addition: "more", "total", "altogether", "sum", "in all", "combined"
    • Subtraction: "less", "fewer", "left", "remaining", "difference", "change"
  • Visualize the Problem: Draw pictures showing what happens in the story
  • Ask Questions: "Is something being added?" or "Is something being taken away?"
  • Act It Out: Use actual coins or objects to model the problem
  • Context Matters: Buying items usually involves subtraction (payment - cost), while saving usually involves addition

Practice with simple problems first, then gradually increase complexity as your child gains confidence.

Question: Sometimes word problems have too many words and I get confused. How can I focus on what's important?

Answer: Great question! Here's how to find the important parts:

  1. Read Slowly: Take your time and read the problem twice
  2. Find Numbers: Circle or underline all the numbers
  3. Look for Names: Identify who is involved in the problem
  4. Find the Question: Look for phrases like "How much?" or "How many?"
  5. Ignore Extra Details: Focus only on numbers and facts needed to solve
  6. Draw Pictures: Sketch what's happening in the problem

Example: "Emma has 25¢ in her red piggy bank. She adds 10¢ from her birthday. How much money does Emma have now?"
Important parts: 25¢, 10¢, Emma, "how much now"
Unimportant: "red piggy bank", "birthday"

Question: What's the best way to teach students to check their answers in money word problems?

Answer: Here are effective checking strategies for money word problems:

  • Reasonableness Check: Does the answer make sense? (Change shouldn't be more than payment)
  • Reverse Operation: If you added, subtract to check. If you subtracted, add to check
  • Estimation: Round numbers to estimate if answer is close
  • Re-read the Problem: Verify you answered the question that was asked
  • Unit Check: Ensure answer is in correct units (cents vs dollars)
  • Model with Coins: Use actual coins to verify the answer

Example: If problem asks for change from $1.00 for a 65¢ item and student answers 35¢:
Check: 65¢ + 35¢ = 100¢ = $1.00 ✓
Reasonableness: 35¢ is less than $1.00 ✓