Money Problems Worksheet and Explanation
We’ve structured this information to help children with their education. It is targeted at children in years 5 and 6 and the questions for the worksheet have been stripped from past papers. Having an understanding of money problems is part of the primary school curriculum and children will deal with money problems in both KS1 and KS2.
The Information below will give an overview of the topic and we have included a detailed worksheet with full answers. The worksheet includes 42 money problems questions and is relevant for KS2 pupils approaching their SATS test.
If you are not ready to download the worksheets yet, then read on for some information about money problems. This has provided to introduce the topics covered in the worksheet for those that might be unfamiliar but also as a quick revision tool for those that would like a quick refresher before accessing the worksheet.
Money Problems Explained
Money Problems Importance
Money is one of the most important real life applications of maths, we use money most days and it is therefore important that children understand what money is, how it is used and the various other aspects of money. Money is also a useful teaching tool as it combines many of the other skills learnt during the primary curriculum such as addition and subtraction and digits and decimals.
- Understanding the importance of value and that each coin is worth a certain amount. Building on this, it is also important that children understand that multiple smaller amount coins are equal to single larger amount coins e.g. £1 is worth ten 10p pieces and that are various ways to make up the same amount using a range of coins e.g. £1 is also equal to two 50p pieces.
- Finding change. Using subtraction to give and receive the correct change whilst completing a transaction.
- Money related vocabulary. It is important that children understand words such as ‘change’, ‘spent’ or ‘gave’.
Money in KS1
Here children are introduced to the concept of money and how we can use addition and subtraction to calculate different amounts. They also begin to understand the value of coins and how many of one coin is equal to another coin as well as the purpose of using larger value coins. Children will also begin to calculate change through simple role-play transactions.
Money in KS2
Building on what they have learnt in KS1, children will now start to use the monetary decimal system learning that one pound and eleven pence can be written as £1.11 or 111p for example. Using multiple stage transaction problems they will become confident with how to calculate change and using money to buy items, this also familiarising them with the monetary terminology mentioned above.