Solved Exercises on Word Problems with Money in Grade 2

Master word problems with money: addition, subtraction, making change, and real-world applications through these 5 detailed exercises.

Solution: Exercises 1 to 3
1 Addition problem
Exercise 1
Sarah has $2.50 in her piggy bank. Her grandmother gives her $1.75 for her birthday. How much money does Sarah have now?
Definition:

Word problem: A math problem presented in a real-life story format that requires mathematical operations to solve.

Problem-solving method:
  1. Read the problem carefully
  2. Identify the important information
  3. Determine what operation to use
  4. Solve the problem
  5. Check your answer
$2.50
Initial
+
$1.75
Gift
=
$4.25
Total
Step 1: Identify the starting amount

Sarah starts with $2.50

Step 2: Identify the amount received

Grandmother gives $1.75

Step 3: Determine the operation

Since Sarah is getting more money, we add: $2.50 + $1.75

Step 4: Solve the addition

$2.50 + $1.75 = $4.25

Step 5: Verify the answer

$4.25 is more than both original amounts, which makes sense

Total: $4.25
Final answer:

Sarah now has $4.25 in total.

Applied rules:

• Keywords: "has" and "gives" suggest addition

• Context: Getting money means adding

• Verification: Total should be larger than original amounts

2 Subtraction problem
Exercise 2
Tom had $5.00. He bought a snack for $1.25. How much money does he have left?
Definition:

Subtraction in context: When money is spent, we subtract to find the remaining amount.

$5.00
Started with
-
$1.25
Spent
=
$3.75
Left
Step 1: Identify the starting amount

Tom started with $5.00

Step 2: Identify the amount spent

He spent $1.25 on a snack

Step 3: Determine the operation

Since Tom is spending money, we subtract: $5.00 - $1.25

Step 4: Solve the subtraction

$5.00 - $1.25 = $3.75

Step 5: Verify the answer

$3.75 is less than $5.00, which makes sense since money was spent

Left: $3.75
Final answer:

Tom has $3.75 left.

Applied rules:

• Keywords: "spent" suggests subtraction

• Context: Spending money means taking away

• Verification: Remaining amount should be less than original

3 Multi-step problem
Exercise 3
Emma earned $3.00 doing chores. She found $0.50 in her jacket pocket. Then she bought a book for $2.25. How much money does Emma have now?
Definition:

Multi-step problem: A problem that requires more than one mathematical operation to solve.

$3.00
Earned
+
$0.50
Found
-
$2.25
Spent
=
$1.25
Now
Step 1: Calculate money gained

Earned: $3.00 + Found: $0.50 = $3.50

Step 2: Calculate money spent

Bought book: $2.25

Step 3: Find final amount

Money gained - Money spent = $3.50 - $2.25 = $1.25

Step 4: Verify the answer

$1.25 is reasonable compared to the amounts involved

Now: $1.25
Final answer:

Emma has $1.25 now.

Applied rules:

• Sequence: Handle gains first, then losses

• Operations: Add for money received, subtract for money spent

• Multi-step: Solve in logical order

Rules and methods, laws,...
\text{Final Amount} = \text{Starting Amount} \pm \text{Changes}
Money Equation
Operation 1
\text{Get/Gain/Receive} \Rightarrow \text{Addition}
Adding money
Operation 2
\text{Spend/Lose/Pay} \Rightarrow \text{Subtraction}
Taking money
Formula
\text{Total} = \sum \text{All Money}
For additions
Key definitions:

Word problem: A mathematical question presented in a story format

Keywords: Words that indicate which operation to use

Multi-step: Problems requiring more than one operation

Verification: Checking that your answer makes sense

Complete problem-solving methodology:
  1. Read: Carefully read the entire problem
  2. Identify: Find the important numbers and words
  3. Plan: Decide which operation(s) to use
  4. Solve: Perform the calculations
  5. Check: Verify your answer makes sense
Tip 1: Look for clue words: "more," "total," "added" mean add; "less," "spent," "left" mean subtract.
Tip 2: Draw pictures or write down the numbers to organize information.
Tip 3: For multi-step problems, solve one step at a time.
Tip 4: Always check if your answer is reasonable compared to the problem.
Common errors: Misreading the problem, using wrong operation, not reading all steps in multi-step problems, not checking answers.
Memory aids: "Add for getting, subtract for spending" - helps remember which operation to use.
Rules to know by heart:

• Addition keywords: gain, earn, receive, find, total, altogether

• Subtraction keywords: spend, lose, pay, cost, left, remaining

• Always read the entire problem before solving

• Check that your answer makes sense in the story context

Solution: Exercises 4 to 5
4 Making change problem
Exercise 4
Jake bought a toy car for $3.75. He paid with a $5.00 bill. How much change did he receive?
Definition:

Making change: Calculating the difference between money paid and the cost of an item.

$5.00
Paid
-
$3.75
Cost
=
$1.25
Change
Step 1: Identify the amount paid

Jake paid with a $5.00 bill

Step 2: Identify the cost

The toy car costs $3.75

Step 3: Determine the operation

To find change, subtract: $5.00 - $3.75

Step 4: Solve the subtraction

$5.00 - $3.75 = $1.25

Step 5: Verify the answer

$3.75 + $1.25 = $5.00 ✓

Change: $1.25
Final answer:

Jake received $1.25 in change.

Applied rules:

• Change formula: Paid - Cost = Change

• Verification: Cost + Change = Amount Paid

• Context: Change is always less than amount paid

5 Complex word problem
Exercise 5
Maya saved $4.50 from her allowance. Her mom gave her $2.00 for helping with chores. She spent $1.75 on stickers and $0.85 on a pencil. How much money does Maya have left?
Definition:

Complex problem: A problem involving multiple additions and subtractions in sequence.

$4.50
Saved
+
$2.00
Gift
-
$1.75
Stickers
-
$0.85
Pencil
=
$3.90
Left
Step 1: Calculate total money received

Saved: $4.50 + Gift: $2.00 = $6.50

Step 2: Calculate total money spent

Stickers: $1.75 + Pencil: $0.85 = $2.60

Step 3: Find money left

Total received - Total spent = $6.50 - $2.60 = $3.90

Step 4: Verify the answer

$3.90 is less than $6.50 (what she had), which makes sense

Left: $3.90
Final answer:

Maya has $3.90 left.

Applied rules:

• Group operations: Add all gains, then subtract all losses

• Multi-step: Handle one operation at a time

• Verification: Final amount should be reasonable

Key Concepts and Memory Aids for Word Problems with Money
\text{Net Change} = \text{Money Gained} - \text{Money Lost}
Net Money Change
Key definitions:

Word problem: A mathematical question presented in a real-life story format

Keywords: Words that signal which mathematical operation to use

Multi-step: Problems requiring more than one calculation

Verification: Checking that your answer makes sense in context

Clue words: Words that indicate addition or subtraction

Step-by-step problem-solving methods:
  1. Understand: Read the problem completely
  2. Identify: Find important numbers and clue words
  3. Plan: Choose the correct operation(s)
  4. Solve: Perform the calculations
  5. Check: Verify your answer makes sense
Memory trick: "Add for getting, subtract for spending" - helps remember which operation to use.
Keyword guide: Addition words: "total," "altogether," "sum," "gain"; Subtraction words: "left," "remaining," "spend," "cost."
Organization: Write down the numbers and operations separately to keep track.
Reasonableness: Always check if your answer makes sense in the real world.
Common mistakes: Reading too quickly, missing clue words, using wrong operation, not checking answers, not handling multi-step problems in order.
Quick facts: Money problems often involve real-life situations, addition increases amounts, subtraction decreases amounts.
Essential rules to memorize:

• Addition keywords: gain, earn, receive, find, total, altogether, sum

• Subtraction keywords: spend, lose, pay, cost, left, remaining, difference

• Always read the entire problem before solving

• For multi-step problems, handle one operation at a time

Word Problems with Money Infographic

📝
Addition Clues

Gain, Earn, Receive, Find, Get

Total, Altogether, Sum, Combined

Subtraction Clues

Spend, Lose, Pay, Cost

Left, Remaining, Difference

Problem Solving

Read → Identify → Plan → Solve → Check

Always verify your answer!

Problem-Solving Process
1
Read
2
Identify
3
Plan
4
Solve
5
Check

Questions & Answers

Question: How do I know if I should add or subtract in a word problem?

Answer: Look for clue words in the problem!

Addition words:

  • "More," "total," "altogether," "sum"
  • "Get," "receive," "find," "earn"
  • "Combined," "in all," "together"

Subtraction words:

  • "Left," "remaining," "spend," "pay"
  • "Cost," "lose," "take away," "difference"
  • "How much more," "how many less"

Also think about the situation: Are you getting money? Add! Are you spending money? Subtract!

Question: What if a word problem has both addition and subtraction?

Answer: These are called "multi-step" problems. Handle them one step at a time!

For example, if the problem says: "You earned $3, found $1, then spent $2":

  1. First, add what you got: $3 + $1 = $4
  2. Then, subtract what you spent: $4 - $2 = $2
  3. Final answer: $2

Work through each action in the order it happens. Group additions together, then handle subtractions.

You can also think of it as: Total Gains - Total Losses = Final Amount.

Question: How can I check if my answer to a word problem is correct?

Answer: There are several ways to check your answer:

  1. Reasonableness: Does your answer make sense? Is it a reasonable amount compared to the numbers in the problem?
  2. Reverse operation: If you added, try subtracting to see if you get back to the original numbers.
  3. Verification equation: For change problems, check that cost + change = amount paid.
  4. Re-read: Make sure you answered the question that was asked.

For example, if you found that someone has $5 left after spending $3 from $10, check: $5 + $3 = $8, which is not $10. You made a mistake!

Correct answer should be: $10 - $3 = $7 left.