Economic Education Quiz - What is Money – Age 5-7 (Answers)
In this quiz, written for KS1 children in years 1 and 2, we take a look at money. Money is a big part of life whether we like it or not, so the sooner children learn to understand what it is and where it comes from the better.
So, what then is money? It is a medium which we can exchange for goods or services. That basically means that we can swap money for something we want done or for an item we want to buy.
And where does it come from? Well the government creates it for us to use. But to get hold of it we generally have to work – somebody pays us money for our time, just as we pay others for things we want from them.
Have a go at this quiz and see if you know the value of money.
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You can find more about this topic by visiting BBC Bitesize - Money matters
We use money to pay for goods (items we buy) or services (jobs done for us)
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Cheques and debit cards take money from our bank and transfer it without the need for cash
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Banks pay a little extra if we keep our savings with them. This is called “interest”. Stealing of course is not honest and is always wrong
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There is a £50 note but not a £30 one.
Notes are similar to coins: like 5p, 10p, 20p and 50p - £5, £10, £20 and £50 |
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The best way to pay for small amounts is with coins equal to the value, or slightly over.
With a £1 coin the shopkeeper only has to give you a 20 pence in change. And 80 x 1p pieces would be too fiddly and time consuming having to count them all
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Our homes have to be paid for, as does the food that we eat. Water needs to be processed before we can drink it so that is not free either. The only thing on the list we do not have to pay for is the air that we breathe
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There are lots of ways notes and coins can be combined to make the same total. All the options are worth 100 pence or £1
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Notes and coins are made for people to use as currency. Currency means the money used in a country, like the Euro in mainland Europe or the pound in the UK
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The whole point of money is that we can use it to buy whatever we like, as long as we have enough of it. With £80 in cash you could but salt, a phone or sweets – the choice would be yours
Although, ancient Roman soldiers were paid with salt. That’s where we get the term “salary” (meaning “wage”) from. “Salis” is Latin for “salt” |
If we save our money rather than spend it the amount we have keeps on getting bigger and bigger. It’s a good idea to save money if you can
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