Solved Exercises on Word Problems Money in Grade 2

Master word problems involving money: addition, subtraction, making change, comparing amounts, and budgeting through these 5 detailed exercises.

Solution: Exercises 1 to 3
1 Addition Word Problem
Exercise 1
Sarah has 3 quarters, 2 dimes, and 4 pennies. How much money does she have?
Definition:

Money values: Quarter = $0.25, Dime = $0.10, Penny = $0.01

Money counting method:
  1. Identify the value of each coin
  2. Count how many of each coin there are
  3. Multiply the number of coins by their value
  4. Add all amounts together
Coins
3 quarters + 2 dimes + 4 pennies
Values
$0.75 + $0.20 + $0.04
Total
$0.99
Step 1: Count quarters

3 quarters × $0.25 = $0.75

Step 2: Count dimes

2 dimes × $0.10 = $0.20

Step 3: Count pennies

4 pennies × $0.01 = $0.04

Step 4: Add all amounts

$0.75 + $0.20 + $0.04 = $0.99

Sarah has $0.99
Final answer:

Sarah has $0.99 (99 cents)

Applied rules:

• Coin values: Quarter = 25¢, Dime = 10¢, Nickel = 5¢, Penny = 1¢

• Multiplication: Number of coins × value per coin

• Addition: Sum all calculated amounts

2 Subtraction Word Problem
Exercise 2
Tom bought a toy for $1.25. He gave the cashier $2.00. How much change did he get?
Definition:

Change calculation: Amount given - Cost of item = Change received

Amount given
$2.00
Cost of item
$1.25
Change
$0.75
Step 1: Identify the amounts

Tom gave $2.00, toy costs $1.25

Step 2: Apply change formula

Change = Amount given - Cost of item

Change = $2.00 - $1.25

Step 3: Subtract the amounts

$2.00 - $1.25 = $0.75

Tom gets $0.75 in change
Final answer:

Tom gets $0.75 (75 cents) in change

Applied rules:

• Change formula: Amount given - Cost = Change

• Subtraction: Align decimal points when subtracting money

• Verification: Add change to cost to verify total amount given

3 Comparison Word Problem
Exercise 3
Emma has $1.50. Jake has 8 dimes and 3 nickels. Who has more money?
Definition:

Comparison: Calculate each person's total money, then compare amounts

Emma
$1.50
Jake
$0.80 + $0.15 = $0.95
Comparison
$1.50 > $0.95
Step 1: Emma's amount

Emma has $1.50 (already given)

Step 2: Calculate Jake's amount

8 dimes = 8 × $0.10 = $0.80

3 nickels = 3 × $0.05 = $0.15

Jake's total = $0.80 + $0.15 = $0.95

Step 3: Compare the amounts

$1.50 vs $0.95

$1.50 > $0.95

Step 4: Determine who has more

Emma has $1.50, Jake has $0.95

Emma has more money

Emma has more money ($1.50 > $0.95)
Final answer:

Emma has more money ($1.50 > $0.95)

Applied rules:

• Comparison: Calculate each amount separately

• Addition: Add up all coins for each person

• Comparison symbols: > means greater than, < means less than

Rules and methods, laws,...
Change = Amount Given - Cost
Making Change
Coin Values
Quarter = $0.25
Quarter = 25¢
Coin Values
Dime = $0.10
Dime = 10¢
Coin Values
Nickel = $0.05
Nickel = 5¢
Coin Values
Penny = $0.01
Penny = 1¢
Key definitions:

Money word problems: Real-life scenarios requiring addition, subtraction, or comparison of monetary amounts

Change: Money returned when you pay more than the cost of an item

Coin identification: Recognizing the value of different coins

Complete methodology:
  1. Read the problem carefully: Identify what is being asked
  2. Find important information: Look for numbers and coin types
  3. Decide on operation: Addition, subtraction, or comparison
  4. Solve step by step: Show all calculations
  5. Check your answer: Does it make sense in the context?
Tip 1: Always convert all amounts to the same unit (cents or dollars) before calculating.
Tip 2: Draw pictures of coins to help visualize the problem.
Tip 3: Remember that $1.00 equals 100 cents.
Tip 4: When making change, count up from the cost to the amount given.
Common errors: Mixing up coin values, forgetting to convert units, miscalculating change.
Practice strategies: Work with real coins, solve problems daily, check answers carefully.
Formulas to know by heart:

• Change formula: Change = Amount Given - Cost

• Total money: Sum of all coins and bills

• Comparison: Use >, <, or = to compare amounts

• Unit conversion: $1.00 = 100¢

Solution: Exercises 4 to 5
4 Budget Word Problem
Exercise 4
Maya has $3.00. She wants to buy a book for $2.45 and a pencil for $0.75. Does she have enough money? If not, how much more does she need?
Definition:

Budget problem: Comparing available money to total cost of items

Available money
$3.00
Total cost
$2.45 + $0.75 = $3.20
Difference
$3.20 - $3.00 = $0.20
Step 1: Calculate total cost of items

Book = $2.45, Pencil = $0.75

Total cost = $2.45 + $0.75 = $3.20

Step 2: Compare with available money

Maya has $3.00

Items cost $3.20

$3.00 < $3.20

Step 3: Calculate how much more is needed

Shortage = Total cost - Available money

Shortage = $3.20 - $3.00 = $0.20

Maya needs $0.20 more
Final answer:

No, Maya doesn't have enough money. She needs $0.20 more.

Applied rules:

• Budgeting: Total cost vs. available money

• Addition: Sum all item prices to find total cost

• Subtraction: Find difference when money is insufficient

5 Making Change Word Problem
Exercise 5
Alex buys a candy bar for $0.68. He gives the cashier $1.00. How much change should he receive? Show the change in different coin combinations.
Definition:

Multiple ways to make change: Same amount of money can be given in different coin combinations

Amount given
$1.00
Cost
$0.68
Change
$0.32
Step 1: Calculate exact change

Change = $1.00 - $0.68 = $0.32

Step 2: Find different coin combinations for $0.32

Option 1: 1 quarter ($0.25) + 1 nickel ($0.05) + 2 pennies ($0.02) = $0.32

Option 2: 3 dimes ($0.30) + 2 pennies ($0.02) = $0.32

Option 3: 6 nickels ($0.30) + 2 pennies ($0.02) = $0.32

Step 3: Verify each combination

Quarter + Nickel + 2 Pennies = $0.25 + $0.05 + $0.02 = $0.32 ✓

3 Dimes + 2 Pennies = $0.30 + $0.02 = $0.32 ✓

6 Nickels + 2 Pennies = $0.30 + $0.02 = $0.32 ✓

Step 4: Present the answer

Alex should receive $0.32 in change

Alex receives $0.32 in change
Final answer:

Alex should receive $0.32 in change. Possible combinations: 1 quarter + 1 nickel + 2 pennies, or 3 dimes + 2 pennies, or 6 nickels + 2 pennies.

Applied rules:

• Change calculation: Amount given - Cost = Change

• Multiple representations: Same amount can be made with different coins

• Verification: Check that each combination equals the change amount

Money Word Problems Fundamentals
Change = Amount Given - Cost
Making Change Formula
Key definitions:

Word problems: Mathematical problems presented in everyday language

Money word problems: Scenarios involving buying, selling, or comparing amounts of money

Coin values: Standard values assigned to different US coins

Complete methodology:
  1. Read carefully: Understand what the problem is asking
  2. Identify key information: Find numbers, coin types, and operations needed
  3. Choose operation: Addition for totals, subtraction for differences or change
  4. Solve systematically: Follow steps in order, show work clearly
  5. Check answer: Does the answer make sense in the context of the problem?
Tip 1: Always write down what you know and what you need to find.
Tip 2: Practice with real coins to understand their values better.
Tip 3: Draw circles or boxes around important numbers in word problems.
Tip 4: Estimate your answer first to check if your final answer is reasonable.
Common errors: Confusing coin values, misreading decimal points, forgetting to carry over when adding.
Success strategies: Read twice, organize information, show all work, verify answers.
Important facts to remember:

• Coin values: Quarter = $0.25, Dime = $0.10, Nickel = $0.05, Penny = $0.01

• Change formula: Amount given - Cost = Change received

• Unit conversion: $1.00 = 100 cents

• Comparison: Use > (greater than), < (less than), = (equal to)

• Problem solving: Read → Plan → Solve → Check

Questions & Answers

Question: I sometimes get confused about whether to add or subtract in money word problems. How can I tell the difference?

Answer: Great question! Here's how to decide:

  • Use addition (+) when:
    • Finding a total amount (combining money)
    • Adding different types of coins together
    • Calculating how much money someone has altogether
  • Use subtraction (-) when:
    • Finding change (money back)
    • Comparing amounts to see how much more or less
    • Finding out how much money is left after spending

Examples:

• "How much money does Sarah have?" → Add all coins

• "How much change did Tom get?" → Subtract cost from amount given

• "Who has more money?" → Compare amounts using subtraction

Question: My child struggles with making change. Are there any strategies to help them understand this concept?

Answer: Here are effective strategies for teaching change-making:

  • Counting up method: Start from the cost and count up to the amount given
  • Use real coins: Hands-on practice helps solidify the concept
  • Visual representation: Draw circles representing coins
  • Start simple: Begin with whole dollar amounts before moving to cents

Example: Item costs $0.75, paid with $1.00

• Count up: $0.75 → $0.80 (nickel) → $0.85 (nickel) → $0.90 (nickel) → $0.95 (nickel) → $1.00 (nickel)

• Or: $1.00 - $0.75 = $0.25 (quarter)

Practice regularly with small amounts to build confidence!

Question: How do I remember the value of each coin? They all look similar to me!

Answer: Here are memory aids for coin values:

  • Quarter (25¢): "Quarter" sounds like "four," and there are 4 quarters in $1.00
  • Dime (10¢): "Dime" starts with "D" like "ten" starts with "T" (both have 1 letter in common)
  • Nickel (5¢): Nickels are bigger than dimes but worth less than quarters
  • Penny (1¢): Pennies are worth just 1 cent, the smallest amount

Size order (largest to smallest): Quarter > Nickel > Dime > Penny

Value order (highest to lowest): Quarter ($0.25) > Dime ($0.10) > Nickel ($0.05) > Penny ($0.01)

Practice handling real coins to connect size, appearance, and value!