Solving problems to do with money is a part of KS2 Maths. In year Five children will still look at problems of conversion from pounds to pence; multiplying, adding, dividing and subtracting different amounts; adding together different types of coins; and working out the correct change - but these will involve higher sums of money. They may be presented in problems which involve working out percentages or fractions of different amounts, or converting from one currency to another using currency exchange rates.

Solving real life problems involving money will test your multiplication skills. You are planning a holiday in Australia and need to change your £s into $s. To do this you will need the currency exchange rate. £1 is worth $2.5. To know how many dollars you will get for your £400 you need to multiply 400 x 2.5 = 1,000, so you will get $1,000.

Can you answer questions about percentages and fractions of money? Can you convert using an exchange rate? See you much you remember about solving money problems by playing this quiz.

1.

Jo bought paint for £15.70, brushes for £5.47 and varnish for £3.25. How much did she spend altogether?

£23.50

£24.24

£24.42

£24.50

You only need to add the last digits for this one. 0 + 7 + 5 = 12 so we know that the answer will end in 2 which means that £24.42 must be correct

2.

Jane spent £16.89. How much change would she have from £20?

£2.11

£3.11

£3.51

£4.11

£16.89 is 11p less than £17 and £17 is £3 less than £20

3.

A chair costs £240. The shop requires a 50% deposit. How much is the deposit?

£60

£90

£100

£120

£120 is 50% or ^{1}⁄_{2} of £240

4.

A table normally costing £130 is reduced by 10%. How much is the table now?

£13

£113

£117

£127

To find 10% divide by 10 which give 13 then subtract from 130

5.

The exchange rate of £1 is 1.5 dollars. How many dollars would you get for £5?

$5

$7

$7.50

$8

To calculate multiply 1.5 dollars by 5

6.

Yasmin saved 35p for 15 weeks. How much did she save altogether?

£4.25

£4.75

£5.25

£5.75

To multiply 35p by 15 you could times it by 10 to get £3.50

Then half this to find 35p x 5 = £1.75

Then add £3.50 and £1.75 to get £5.25

Then half this to find 35p x 5 = £1.75

Then add £3.50 and £1.75 to get £5.25

7.

In a sale a dress which usually costs £32 is half price. How much does the dress cost in the sale?

£15

£15.50

£16

£16.50

You might see signs saying 50% off. 50% off is the same as half price

8.

Dad bought 8 apples for 72p. How much did one apple cost?

7p

8p

9p

10p

To calculate divide 72p by 8

9.

Peter bought two shirts. One cost £15.50 and the other cost £12.45. How much change would he have from a £50 note?

£21.95

£22

£22.05

£22.15

First work out £15.50 + £12.45 = £27.95.
Then work out £50 - £27.95 = £22.05

10.

A cup of coffee cost £1.25. Mum bought five cups and paid with a £20 note. How much change did she have?

£12.75

£13.75

£14.25

£14.75

5 x £1.25 = £6.25

£20 - £6.25 = £13.75

£20 - £6.25 = £13.75