Why is it important to learn about money? Money is needed to buy and sell goods such as toys, books, chocolates, pay for your movie ticket and even for a trip to the zoo or the circus. We should learn how to handle money so we know how much we are spending and how much we are saving.
Money is basically paper notes and coins that you might be familiar with. You should be able to count money quickly and accurately and you should also be able to subtract or add money.
Currencies:
Money can be expressed in different units and the currency depends upon the country where in you stay. The unit of money in countries within the Eurozone is Euro, in United Kingdom it is Pounds, in US it is dollars and so on.
Take a look at some of the major currencies of the world:
Country |
Currency |
United States |
US Dollars |
United Kingdom |
British Pounds |
Austria |
Euro |
India |
Indian Rupees |
Germany |
Euro |
France |
Euro |
Australia |
Australian dollars |
Canada |
Canadian dollars |
Money is also expressed in decimals - Rupees 250.50 means two hundred and fifty rupees and fifty paise. (Note: 100 paise make a rupee). Thus money can also be converted between units.
Examples to practice:
Question:
John has $50 with him. He spent $10 on a box of chocolates, $2 on a pen, $6 on a notebook. How much money is John left with after purchasing these items?
Answer:
Total money spent by John = 10 + 2 + 6 = $18
Money paid to the shopkeeper = $50
Money left with John = 50 - 18 = $32
Now try solving the following problems and see if you can get the correct answer.
Question:
Mr Sina earns $2000 per month. He saves half of this amount every month. If he saves the same amount for 12 years, how much money would he have saved in all at the end of 12 years?
(Answer:
Money saved per month = $1000
Money saved per year = 12 * 1000 = $12,000
Money saved in 12 years = 12 * 12000 = $144,000
)
Question:
A college started in the year 2012. During this year, the total fees collected by the college was Rs. 3697865. Next year, it realised Rs. 127887 more than what it received in the first year. During the third year, the college received Rs. 278982 more than in the second year.
How much fees was collected by the college in the year 2013?
How much fees were collected by the college in 2014?
What was the total amount of fees received by the college in these three years?
(Answer:
2013 - Rs. 3825752
2014 - Rs. 4104734
Total - Rs. 11628351
)
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