Solving problems involving money is a part of KS2 Maths which continues into Year Three. The same kinds of problems as Year Two children face - conversion from pounds to pence; multiplying, adding, dividing and subtracting different amounts; adding together different types of coins; and working out the correct change - will still be set, only now they will involve higher amounts of money.

Solving money problems tests your knowledge of addition and subtraction. You need to add different amounts when working out how much things cost, and subtract when working out the correct change. Being able to add and subtract quickly and easily without a pen, paper or calculator is a useful tool when dealing with money in everyday life - you wouldn't want to be given the wrong change now would you?

Have a go at this quiz to find out how good you are at solving real life money problems.

1.

What is 2,076p in £?

£2.07

£2.76

£20.76

£207.60

2.

Claire is saving up for a CD which costs £5.50. If she saves £1 per week how many weeks does she need to save?

5 weeks

6 weeks

7 weeks

8 weeks

After 5 weeks Claire will only have £5 which is not enough. Therefore she will have to save for one more week

3.

Asif buys a book for £3.50 and a bookmark for 75p. If he pays with a £5 note how much change will he have?

75p

£1.50

£1.75

£3.75

To solve this problem, first you need to find the total spent (£3.50 + 75p = £4.25) and then subtract from £5 (£5 - £4.25 = 75p)

4.

David buys 3 footballs for £1.50 each. How much change would he have from a £20 note?

£5.50

£14.50

£15.00

£15.50

To solve this problem first you need to find the total spent (£1.50 x 3 = £4.50) and then subtract from £20 (£20 - £4.50 = £15.50)

5.

Sarah bought a book for £6.50. If she paid with a £10 note how much change would she have?

£2.50

£3.50

£4.50

£5.00

When the question asks 'How much change?' this usually means a subtraction is required

6.

Mum gave me £3 of my £12 birthday money. What fraction of my birthday money did mum give me?

To work this one out you must divide £12 by £3 which gives the answer 4

7.

It costs 70p for one apple. How much would 6 apples cost?

£3.20

£4.00

£4.10

£4.20

6 x 70p = 420p or £4.20

8.

How many pence is £30.04?

304p

3,004p

30,040p

34p

There are 100p in every £1 so £30 = 3,000p

9.

Adam spent one quarter of his savings on a game. How much was the game if his savings were £16?

£3

£4

£5

£6

To find a quarter of Adam's savings you need to divide £16 by 4

10.

Michael bought apples for £2.90, oranges for £1.50 and bananas for 80p. How much did he spend altogether?

£3.50

£4.20

£5.10

£5.20

One way to work this out is to add the pence first and then add the result to the pounds:

90p + 50p + 80p = £2.20

£2.20 + £2 + £1 + £0 = £5.20

90p + 50p + 80p = £2.20

£2.20 + £2 + £1 + £0 = £5.20

To convert pounds into pence multiply by 100