Money Word Problems

Front

What is a money word problem?

Back

A money word problem is a mathematical problem that involves real-life scenarios where money is used, requiring calculations to find the answer.

Front

How do you find the cost of one item when given the total cost and quantity?

Back

Divide the total cost by the number of items. For example, if 3 bags of cotton candy cost $18, the cost per bag is $18 ÷ 3 = $6.

Front

What is the average cost of an item?

Back

The average cost is found by dividing the total cost by the number of items. For example, if 18 cupcakes cost $23.22, the average cost per cupcake is $23.22 ÷ 18 = $1.29.

Front

How do you calculate total cost when buying multiple items?

Back

Multiply the cost of one item by the number of items. For example, if one pizza costs $14.75 and you buy 8 pizzas, the total cost is $14.75 × 8 = $118.

Front

What is the total amount spent if you buy several items?

Back

Add the cost of each item together. For example, if a hot dog costs $1.50, chips $0.75, and soda $2.20, the total spent is $1.50 + $0.75 + $2.20 = $4.45.

Front

How do you determine how much more money is needed to reach a goal?

Back

Subtract the amount saved from the total cost. For example, if a video game costs $50.60 and you have $25.82 saved, you need $50.60 - $25.82 = $24.78 more.

Front

What is the formula for calculating the total cost of items?

Back

Total Cost = Cost per Item × Number of Items.

Front

What does it mean to save money?

Back

Saving money means setting aside a portion of your income or earnings for future use, often for a specific goal.

Front

What is a budget?

Back

A budget is a plan that outlines expected income and expenses over a certain period, helping to manage money effectively.

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What is the importance of understanding money word problems?

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Understanding money word problems helps develop critical thinking and problem-solving skills, which are essential for managing personal finances.