Learn How to Count Money

Learning how to count is important enough, but learning how to count money is imperative. You need money in order to buy your favorite things, such as candy, chocolates, ice cream, and other goodies. In fact, you need money to buy pretty much anything. From your clothing to your toys to your books to your DVDs, money supplies both the necessities and pleasures of your life. This is why it's very important for you to learn how to count money.

In order to learn how to count money accurately, you need to learn about coins and bills. Let's start with the penny, the U.S. coin with the lowest value. A penny has the value of 1 cent. Five pennies equal a nickel; 10 pennies equal a dime. A quarter is equal to 25 pennies and a half-dollar to 50 pennies. When you have 100 pennies, you can exchange them for a dollar coin—or for a dollar bill, which is the U.S. bill with the lowest value. Bills are easier to understand. A two-dollar bill is equal to $2, and so on. The other bill values are $5, $10, $20, $50, and $100.

Now that you know about the value of coins and bills, it's time to put your knowledge to the test. Try these simple problems and check your answers against the solutions at the bottom of this page:

  1. In dollars and cents, how much money is 3 dimes, 5 nickels, and 12 pennies?
  2. In dollars and cents, how much money is 2 quarters, 6 dimes, 3 nickels, and 22 pennies?
  3. In dollars and cents, how much money is 5 dollars, 2 quarters, 7 dimes, 8 nickels, and 39 pennies?
  4. In dollars and cents, how much money is 16 dollars, 3 quarters, 17 dimes, 12 nickels, and 46 pennies?

If you got all the answers right, it means that you are becoming an expert at counting money. Before you go shopping, however, you need to learn one more skill: subtraction. Learning how to subtract one amount of money from another is the only way to ensure that you get the right change. Try these problems, then check your answers at the bottom of the page:

  1. If you use a dollar bill to pay for a chocolate bar that costs 77 cents, how much change should you get back?
  2. If you use a five-dollar bill to pay for a hot dog that costs $1.29 and a cup of soda that costs 89 cents, how much change should you get back?
  3. If you use a ten-dollar bill to pay for a goldfish that costs $2.63 and a fish bowl that costs $5.28, how much change should you get back?
  4. If you want to buy a movie ticket for $7.50, what combination of bills and coins will you need in order to pay with exact change?
  5. If you want to buy a DVD for $17.69, what combination of bills and coins will you need in order to pay with exact change?
Answers
  1. 67 cents.
  2. $1.47.
  3. $6.99.
  4. $19.51.
  5. 23 cents.
  6. $2.82.
  7. $2.09.
  8. A five-dollar bill, two dollar bills, and two quarters.
  9. A ten-dollar bill, a five-dollar bill, two dollar bills, two quarters, a dime, a nickel, and four pennies.
About The AuthorAbout the Author :
Written by Michael Marcin of Crest Capital. Michael oversees all operations and finance for this national equipment finance lender. He is an excellent technical writer on topics including equipment, vehicle, and software finance and associated tax implications.