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Adding and subtracting money

Adding and subtracting money

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Explainer Video

Tutor: Alice

Summary

Adding and subtracting money

​​In a nutshell

Money can be expressed as either pounds (£££​) or pence (ppp).  When returning change or summing the total cost of items in a basket, it is vital to know how to correctly calculate the right value, to ensure there is no shortchange on either side of a transaction.



Pounds and pence

You use both pounds and pence to express how much money a person has, or an object's value. Use the following equation to convert between pounds and pence:

​£1=100p£1 = 100p£1=100p


This relationship makes it easy to express the value of any object as you can quickly write down the pounds and pence of an object using this relationship.


Example 1

£152.38£152.38£152.38​ represents a value of £152£152£152​ and 38p38p38p​.



Adding and subtracting money

Using the decimal point, you can use column addition and column subtraction to find the sum of values of items or the difference in values of items.


Example 2

A book costs £9.50£9.50£9.50​, and a newspaper costs £2.79£2.79£2.79​. What is the total cost if Jamie wants to buy both a book and a newspaper?

9.50+2.79=£12.29‾9.50 + 2.79 = \underline{£12.29}9.50+2.79=£12.29​


Jamie uses a £20£20£20 note to pay. How much change should he receive?

20−12.29=£7.71‾20 - 12.29 = \underline{£7.71}20−12.29=£7.71​


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Learn with Basics

Learn the basics with theory units and practise what you learned with exercise sets!
Length:
Adding numbers using mental maths

Unit 1

Adding numbers using mental maths

Two-step problems with addition and subtraction

Unit 2

Two-step problems with addition and subtraction

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Score 80% to jump directly to the final unit.

Optional

Adding and subtracting money

Unit 3

Adding and subtracting money

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Test reviewing all units to claim a reward planet.

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FAQs - Frequently Asked Questions

How do you calculate change?

Change = Money paid - Bill.

Why is adding money important?

Adding money is important so you can figure out your total bill at a store or restaurant, how much money you have saved in your coin bank, or how much you owe someone.

What is the most important thing to do when adding and subtracting money?

When adding and subtracting money, you must always line up the decimal point. If a decimal point is not included in the number, remember that it is understood to be at the end.

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