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Money Word Problems upper KS2

Subject: Mathematics

Age range: 7-11

Resource type: Worksheet/Activity

Last updated

22 February 2018

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• 5th Grade Math

Grade 5 money math worksheets: Word problems with solutions

Hi there! Are you ready to ace your 5 th grader's money skills? Worry less! This article provides fun and engaging Grade 5 money math worksheets and exciting word problems with solutions . Also, in this article, you will find the simplest ways to explain:

How to master money word problems in 5 easy steps!

• Fun and engaging 5th-grade worksheets to practice money skills

Adding and subtracting money word problems

• Multiplying and dividing money word problems

How to calculate sales tax and discounts

• Tips and tricks to solve any money word problem
• Real-life examples of money word problems and how to solve them
• Bonus: additional grade 5 money math worksheets to boost 5 th graders' confidence and knowledge

Conclusion: applying money math skills to real-life situations

Grade 5 money math worksheets: the ultimate guide to saving and spending.

Help your 5 th graders find an ultimate guide to saving and spending with the help of these fantastic Grade 5 money math worksheets from selected Mathskills4kids.com .

These engaging 5th-grade money worksheets from Mathskills4kids consist of simple exercises for practicing money skills, such as adding and subtracting money, multiplying and dividing money, calculating sales tax and discounts, and more.

In this article, we'll also show 5th graders how to solve money word problems in 5 easy steps. Plus, we'll share some tips and tricks to solve any money word problem and real-life examples of money word problems.

And as a bonus, we'll give you access to some additional grade 5 money math worksheets that will take your 5th grader's money math skills to the next level!

Ready to get started? Let's dive in!

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Download free worksheets, 5th grade math topics.

• Number sense
• Addition and subtraction

Multiplication

• Number theory
• Add & subtract decimals
• Multiply decimals
• Divide decimals
• Fractions & mixed numbers
• Add & subtract fractions
• Multiply fractions
• Divide fractions
• Mixed operations
• Problems solving
• Ratios and rates
• Percentages
• Number sequences
• Coordinate graph
• Variable expressions
• Data and Graphs
• Probability and statistics
• Telling time
• Unit of measurements
• Triangles & quadrilaterals
• Symmetry & transformations
• Geometric measurements

Start practice on Fifth Grade here

Money word problems can be tricky but don't have to be. Here are 5 easy steps that will help 5 th graders to master money word problems solving skills in no time:

• Read the problem carefully and identify what is given and what is asked. Look for keywords that indicate the operation needed, such as "total," "change," "spent," "earned," "saved," etc.
• Write down the given information using the same units of money (dollars or cents). If necessary, convert between units using the rule that 100 cents = 1 dollar.
• Choose the appropriate operation (addition, subtraction, multiplication, or division) and set up an equation using variables or symbols to represent the unknown quantities.
• Solve the equation using the order of operations (PEMDAS) and check your answer by plugging it back into the equation.
• Write your answer in a complete sentence using the correct units of money and label it clearly.

That's it! Following these 5 steps, your 5th grader can confidently and accurately solve any money word problem.

Fun and engaging Grade 5 money math worksheets to practice money skills

Now that you know how to solve money word problems, it's time to practice! We've selected some fun and engaging grade 5 money math worksheets from Mathskills4kids.com that cover various money skills, such as:

• Adding and subtracting money word problems : These worksheets will help your 5th grader practice adding and subtracting money amounts with decimals and finding the change from a given amount.
• Multiplying and dividing money word problems : These worksheets will help your 5th grader practice multiplying and dividing money amounts by whole numbers or decimals and finding the unit price or rate of a given item or service.
• How to calculate sales tax and discounts : These worksheets will help your 5th grader practice calculating sales tax and discounts on purchases and finding the final price or cost of an item or service after applying the tax or discount.
• Real-life examples of money word problems and how to solve them : These worksheets will present your 5th grader with some realistic scenarios of money word problems that they may encounter in their daily lives, such as shopping, budgeting, saving, investing, etc.

Let's start with adding and subtracting money word problems . These are problems where you will find the total amount of money or the change after buying something. For example, how much money do you spend buying a book for $12.50 and a pencil for $0.75? Or, if you have $20 and buy a sandwich for $4.25, how much money do you have left?

To solve these problems, you must line up the decimal points and add or subtract the numbers as usual. Remember to put the dollar sign and the decimal point in your answer!

Multiplying and dividing money word problems worksheet

Next, we have multiplying and dividing money word problems . These are problems where you will find the product or the quotient of money and a number. For example, if you earn $8 per hour and work 5 hours, how much money do you earn? Or, if you have $50 and want to split it equally among 4 friends, how much money does each friend get?

To solve these problems, you will multiply or divide the numbers as usual, but be careful with the decimal point. Move it two places to the left when multiplying and two places to the right when dividing. Also, remember to put the dollar sign and the decimal point in your answer!

Another important topic is how to calculate sales tax and discounts . Sales tax is a percentage of the price you must pay extra when buying something. For example, how much do you have to pay if you buy a shirt for $15 and the sales tax is 10%?

To find the sales tax amount, multiply the price by the sales tax rate as a decimal (10% = 0.1). Then, add the sales tax amount to the original price to get the total price. In this case, the sales tax amount is $15 x 0.1 = $1.5, and the total price is $15 + $1.5 = $16.5.

Discounts are a percentage of the price you save when buying something on sale. For example, how much do you pay if you buy a pair of shoes for $40 and the discount is 25%?

To find the discount amount, multiply the original price by the discount rate as a decimal (25% = 0.25). Then, subtract the discount amount from the original price to get the sale price. In this case, the discount amount is $40 x 0.25 = $10, and the sale price is $40 - $10 = $30.

10 real-life examples of 5 th Grade money word problems with solutions

Finally, let's look at some real-life examples of 5th Grade money word problems with solutions . These are problems that involve more than one step or operation, requiring careful reading and thinking. For example;

If you go to a movie theater with your friend and buy two tickets for $8 each, a large popcorn for $6, and two drinks for $3 each, how much money do you spend? To solve this problem, add all the costs: 2 x $8 + $6 + 2 x $3 = $28.

Or, if you have a coupon that gives you 20% off on any item at a store, and you buy a jacket that costs $45 before tax, and the sales tax is 8%, how much do you pay? To solve this problem, first find the sale price after applying the coupon: $45 - ($45 x 0.2) = $36. Then, find the sales tax amount: $36 x 0.08 = $2.88. Finally, add the sale price and the sales tax amount: $36 + $2.88 = $38.88.

Real-life situations-money math problems with solutions

Solution: To solve this problem, find out how much more money Anna needs to buy the bike and then divide that by her weekly income. We can use subtraction and division to do this.

$250 - $120 = $130

$130 / $10 = 13

Anna needs 13 more weeks to save enough money for the bike.

Solution: To solve this problem, we need to find out how much money Ben earns and how much he spends for each cup of lemonade, then subtract the cost from the revenue. We can use multiplication and subtraction to do this.

$0.50 x 1 = $0.50 (revenue)

$0.20 x 1 = $0.20 (cost)

$0.50 - $0.20 = $0.30 (profit)

Ben makes 30 cents of profit for each cup of lemonade he sells.

Solution : To solve this problem, we need to find out how much money Charlie's parents will pay and how much Charlie has to pay, and then subtract what he already has from what he needs. We can use division and subtraction to do this.

$60 / 2 = $30 (Charlie's parents' share)

$60 / 2 = $30 (Charlie's share)

$30 - $15 = $15

Charlie needs $15 more to buy the video game.

Solution : To solve this problem, we need to find out how much money Dani will save with the coupon and how much she will pay after applying the discount. We can use multiplication and subtraction to do this.

$12 x 0.20 = $2.40 (discount amount)

$12 - $2.40 = $9.60 (final price)

Dani will pay $9.60 for the book after using the coupon.

To solve this problem, we need to find out how much Ella has in total and how much she will spend on the necklace, then subtract the price from the amount. We can use addition and subtraction to do this.

$10 + $5 + $1 = $16 (total amount)

$18 - $16 = $2 (change amount)

Ella will get back $2 in change if she pays with these bills.

To solve this problem, we will determine how much each type of coin is worth and add up the total. We can use multiplication and addition to do this.

$0.25 x 12 = $3 (quarters)

$0.10 x 15 = $1.50 (dimes)

$0.05 x 18 = $0.90 (nickels)

$0.01 x 20 = $0.20 (pennies)

$3 + $1.50 + $0.90 + $0.20 = $5.60 (total amount)

Frank has $5.60 in his jar of coins.

To solve this problem, we need to find out how many slices each person gets and how much each slice costs, then multiply the cost by the number of slices. We can use division and multiplication to do this.

8 / 3 = 2.67 (slices per person)

$12 / 8 = $1.50 (cost per slice)

$1.50 x 2.67 = $4.01 (cost per person)

Each person should pay $4.01 if they share the pizza equally.

To solve this problem, we need to determine how much money Jack makes per day, week, and month and then add the amounts. We can use multiplication and addition to do this.

$0.25 x 40 = $10 (daily income)

$10 x 7 = $70 (weekly income)

$70 + $5 = $75 (weekly income with bonus)

$75 x 4 = $300 (monthly income)

Jack makes $300 a month.

Solution : To solve this problem, we need to find out how much money Kelly will save with the coupon, how much she will pay before tax, and how much tax she will pay, and then add up the amounts. We can use multiplication and addition to do this.

$40 x 0.15 = $6 (discount amount)

$40 - $6 = $34 (price before tax)

$34 x 0.08 = $2.72 (tax amount)

$34 + $2.72 = $36.72 (final price)

Kelly will pay $36.72 for the jeans after using the coupon and paying the tax.

Solution : To solve this problem, we need to find out how much money Leo will spend on each item and how many items he can buy with his budget, then compare the amounts. We can use multiplication and division to do this.

$12 x 1 = $12 (one pizza)

$15 x 1 = $15 (one cake)

$6 x 1 = $6 (one gallon of ice cream)

$2 x 1 = $2 (one liter of soda)

$100 / $12 = 8.33 (maximum number of pizzas)

$100 / $15 = 6.67 (maximum number of cakes)

$100 / $6 = 16.67 (maximum number of ice creams)

$100 / $2 = 50 (maximum number of sodas)

One possible solution is to buy 8 pizzas, 1 cake, 2 gallons of ice cream, and 10 liters of soda.

$12 x 8 = $96 (cost of pizzas)

$15 x 1 = $15 (cost of cake)

$6 x 2 = $12 (cost of ice cream)

$2 x 10 = $20 (cost of soda)

$96 + $15 + $12 + $20 = $143 (total cost)

However, this solution exceeds Leo's budget by $43, so he needs to reduce some items or find cheaper alternatives.

Another possible solution is to buy 6 pizzas, 1 cake, 1 gallon of ice cream, and 12 liters of soda.

$12 x 6 = $72 (cost of pizzas)

$6 x 1 = $6 (cost of ice cream)

$2 x 12 = $24 (cost of soda)

$72 + $15 + $6 + $24 = $117 (total cost)

This solution is within Leo's budget by $17, so he can either save the money or buy more items if he wants.

There may also be other possible solutions, as long as they are within Leo's budget.

These money math questions are fun, engaging, and challenging. They will help you develop 5 th graders’ math, critical thinking, and financial literacy skills.

Bonus: Additional money math resources to boost 5th graders' confidence and knowledge

If you want to give your 5th grader some extra practice and challenge in money math skills, we can advise you with some excellent websites, games, videos, and worksheets that you can use to supplement your money math lessons.

These resources cover decimals, fractions, percentages, interest, taxes, budgeting, etc. Check them out and see how they can boost your 5th graders' confidence and knowledge in money math!

• Math Playground : This website has tons of interactive games and activities that teach and practice money math skills. You can find games for different grade levels and topics, such as Decimal Place Value Pirates, Fraction Matcher, Percent Shopping, and Money Word Problems. Your students will love playing these games and learning at the same time! Visit https://www.mathplayground.com/ASB_Dolphin_Dash.html to explore the games.
• co Academy : This website is a great resource for learning and reviewing money math concepts. You can watch videos to teach your 5th-grade students how to do addition and subtraction with various money amounts. You can also teach them to solve word problems and calculate the merchandise's unit price. Visit https://study.com/academy/topic/5th-grade-math-money.html and teach money math in an exciting way.
• Math is Fun : This website has a lot of helpful information and examples that help you understand money math topics. You can read about the basics of money, such as coins, bills, currency, exchange rates, and rounding. You can also learn about more advanced topics, such as decimals, fractions, percentages, interest, taxes, budgeting, and saving. Visit https://www.mathsisfun.com/money/index.html to browse the topics.
• BrainPOP : This website has engaging videos and quizzes that teach you about money math topics. You can watch videos that feature Tim and Moby, two funny characters who explain the topics in a fun and easy way. You can also take quizzes that test your knowledge and give you feedback. Visit https://www.brainpop.com/games/moneymagic/ to watch the video on money.

Thank you for sharing the links of MathSkills4Kids.com with your loved ones. Your choice is greatly appreciated.

Money math skills are essential for 5th graders to learn and master, as they will help them become financially literate and responsible in the future. By practicing money word problems and other money math skills using Mathskills4kids’ worksheets, your 5th grader will be able to apply their knowledge and skills to real-life situations, such as:

• Planning and managing their finances, such as saving, spending, budgeting, investing, etc.
• Making intelligent and informed shopping decisions, such as comparing prices, finding the best deals, calculating taxes and discounts, etc.
• Understanding and using different forms of money, such as cash, checks, debit cards, credit cards, etc.
• Developing a positive attitude towards money and its value, such as appreciating what they have, being generous and charitable, avoiding debt and fraud, etc.

We hope you enjoyed this article and found it helpful. We encourage you to use our worksheets to help your 5th grader master money word problems and other money math skills.

We invite you to visit mathskills4kids.com for more enriching math worksheets in all Grades. Thank you for reading, and happy teaching!

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Free Printable Money Word Problems Worksheets for 5th Year

Money Word Problems: Discover a vast collection of free printable worksheets tailored for Year 5 math teachers, focusing on real-life scenarios that help students develop their problem-solving skills with money-related questions.

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Explore printable Money Word Problems worksheets for 5th Year

Money Word Problems worksheets for Year 5 are an excellent resource for teachers looking to challenge their students with real-life applications of math concepts. These worksheets provide a variety of engaging and thought-provoking problems that require students to use their understanding of addition, subtraction, multiplication, and division to solve money-related scenarios. By incorporating these Year 5 math worksheets into their lesson plans, teachers can help students develop critical thinking and problem-solving skills while reinforcing their knowledge of basic math operations. Moreover, these Math Word Problems worksheets are designed to align with the curriculum standards, ensuring that students are well-prepared for standardized tests and future math courses.

Quizizz is an innovative platform that offers a wide range of educational resources, including Money Word Problems worksheets for Year 5, to help teachers create engaging and interactive learning experiences for their students. In addition to high-quality Math Word Problems worksheets, Quizizz also provides teachers with access to thousands of quizzes and games that cover various subjects and grade levels. This extensive library of resources allows teachers to easily find and customize content to suit their students' needs and learning styles. Furthermore, Quizizz's real-time feedback and progress tracking features enable teachers to monitor their students' performance and identify areas where they may need additional support. By incorporating Quizizz into their teaching strategies, educators can create a dynamic and collaborative learning environment that fosters student success in Year 5 math and beyond.

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Give children plenty of practice solving word problems about money with this worksheet. They will use the four operations to answer different questions, being mindful to answer in the correct monetary format of pounds and pence.

Children can mark their own work using the answers provided.

• Key Stage: Key Stage 2
• Subject: Maths
• Topic: Units of Measure
• Topic Group: Measurement
• Year(s): Year 5
• Media Type: PDF
• Resource Type: Worksheet
• Last Updated: 24/10/2023
• Resource Code: M2WAT495
• Curriculum Point(s): Use all four operations to solve problems involving measure [for example, length, mass, volume, money] using decimal notation, including scaling.

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Solving Problems - Money (Year 5)

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Solving money problems is a cool part of KS2 Maths! In Year Five, you'll tackle tricky tasks like turning pounds into pence, adding different coins, and figuring out change. Get ready for bigger challenges involving percentages, fractions, and even currency exchange rates.

Imagine planning a holiday to Australia! You've got £s and need $s. The exchange rate is £1 = $2.5. Multiply £400 by 2.5 to get $1,000. Test your skills with questions about percentages, fractions, and currency exchange rates in this fun quiz!

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Year 5 Solve Money Problems Maths Challenge

This Year 5 Solve Money Problems Maths Challenge checks your child’s understanding of using all four operations involving money. Children will read the clues and solve the money problems using all four operations and scaling. This activity aims to challenge pupils’ reasoning and problem-solving skills.

If you would like to access additional resources which link to this maths challenge, you can purchase a subscription for only £5.31 per month on our sister site, Classroom Secrets .

Teacher Specific Information

This Year 5 Solve Money Problems Maths Challenge checks your pupils’ understanding of using all four operations involving money. Pupils will read the clues and solve the money problems using all four operations and scaling. This activity aims to challenge pupils’ reasoning and problem-solving skills.

National Curriculum Objectives

Measure (5M9a) Use all four operations to solve problems involving measure [for example, money] using decimal notation, including scaling

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15% NJ Transit fare hike doesn’t actually fix the agency’s money problems

W hile NJ Transit’s vote to increase fares by 15% puts an immediate budget question to bed, it is far from the end of debate about the bigger picture of solving the financial woes of the nation’s third largest transit agency.

“This gets us to next year,” NJ Transit CEO Kevin Corbett said April 10 after the agency’s board voted to increase fares starting July 1, and hike the rates by an additional 3% annually starting on July 1, 2025 and continuing with no end date.

Looming on the horizon is a projected $766 million fiscal gap in fiscal year 2026, which starts on July 1, 2025. The fare hikes reduced that from original projections of $917 million.

One way to close that $766 million gap is Gov. Phil Murphy ’s proposed corporate transit fee, which would levy a 2.5% tax on the earnings of about 600 companies in New Jersey that make a profit of at least $10 million a year.

But a bill that would make that fee happen still hasn’t been introduced in the state legislature. While proposed by the governor, it requires the state legislature to introduce and pass legislation first.

Though progressives have lauded the idea for the tax, New Jersey’s business community and Republican state lawmakers have sharply rebuked it . Business leaders have said it would make the state even unfriendlier to large corporations and job creators.

State Senate, Assembly, and Murphy administration officials said Friday they had no updates on when legislation would be introduced.

If approved, it would be the closest thing NJ Transit has had in 40 years to a dedicated funding source. Corbett described it as the “third leg of the stool” that makes up NJ Transit’s funding.

Except earlier this month, Murphy hinted that it wouldn’t be permanent.

During his remarks to a business group in early April, the governor implied the corporate transit fee would have an end date and that NJ Transit will be expected to be self-sufficient or close to it.

“This corporate transit fee — it has never been my assumption this is forever and always a huge fiscal hole to be filled. NJ Transit needs to find a way toward being able to stand, if not on its own, largely on its own or more on its own,” Murphy said in response to a reporter’s question.

“So, what that looks like and when it occurs, to be determined,” he added. “But we’re not gonna ask folks to keep putting money into something that’s actually on its feet financially down the road and doesn’t need that.”

Advocates interviewed by NJ Advance Media and who spoke during NJ Transit’s board meeting sharply criticized that statement, saying that public transit is a public service and no transit system in the world is self-supporting.

“No systems in the USA are even close to self-sustaining, in part because public services are generally not required to be self-funded,” said Zoe Baldwin, Regional Plan Association state programs vice president. “Transit systems, like roadways, are not cash-positive; both are subsidized by federal and state tax dollars because they add great value to the regions and people they serve.

Murphy’s comment misses the argument that transit is part of essential infrastructure, similar to roads, fire departments, police, schools, road maintenance, postal service and healthcare, Baldwin said.

“We support them with public funding because they are mission critical to the basic functioning of our state,” she said.

Private sector railroads sought to free themselves of money losing passenger and commuter service for decades in the last century, which led to state support when they petitioned to abandon those services.

In the 1980s, Conrail, which New Jersey and other states contracted with to run commuter trains, announced it would no longer run those trains for the states. That eventually led to the creation of commuter agencies such as NJTransit, Metro North and SEPTA in suburban Philadelphia in the early 1980s.

“Governor Murphy’s comments are very troubling because it says to me, he is not interested in passing on a healthier system to his successor, but is fine to leave the system ailing, leaving problems he swore he would solve if it killed him, unsolved,” said Renae Reynolds, the Tri-State Transportation Campaign’s executive director.

“What is more troubling about the statement is its attempt to curb our enthusiasm and vision for the future,” she said.

The future of NJ Transit shouldn’t be one that sees fares increasing over and over again in perpetuity, Reynolds said.

“It should be a vision that seeks to find new ways to support mass transit and stabilize the cost for riders,” she said. “His comments describe NJ Transit as if it were a private corporation seeking a bailout rather than a public utility that needs more investment.”

Murphy administration officials did not respond to a request Friday to address the criticism or to clarify the governor’s remarks.

Neither the 15% fare increase nor the annual 3% annual fare increase will close next year’s financial gap, Reynolds and Baldwin said.

Those fare hikes also will not provide any meaningful improvements for the additional costs, Reynolds said. Fare revenue helps fund NJ Transit’s operating budget, not the capital budget that funds major projects and equipment purchases.

“The only transit system I’m aware of that is farebox-positive is Hong Kong’s MassTransit Railway, which has actually turned a profit in the past,” Baldwin said.

But the MTR also serves one of the densest urban areas in the world, uses funding structures not available to NJ Transit and does not service sprawling suburbs the way NJ Transit does, she said.

“Misguided comments like this penalize riders and vilify transit agencies by holding transit to a completely different standard than roads,” Baldwin said.

NJ Advance Media staff writer Brent Johnson contributed to this report.

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Larry Higgs may be reached at [email protected] . Follow him on X @CommutingLarry

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