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• Money Math Practice Test for 3rd Grade – [Easy]

Money Math Practice Test for 3rd Grade – [Easy]

Jessica Kaminski

Updated on October 10, 2023

With the digital age in full swing, teaching kids about money may seem like an old-school concept. Yet, understanding the basics of money is an essential life skill that every child should acquire. By the 3rd grade, students are mature enough to grasp foundational concepts about money. At Brighterly, we believe in making math engaging and relatable for our young learners. Let’s dive into how third-graders can master the money game!

The ABCs of Currency

Every country has its own currency. In the United States, we use the dollar. But what exactly is a dollar made of?

• Coins: These are the metallic, shiny things you see in piggy banks. There are pennies, nickels, dimes, quarters, and more. Each has a different value and a unique design.
• Paper Bills: These come in various denominations, from $1 to $100 and sometimes even more!

Understanding Value and Making Change

Imagine you want to buy a toy that costs $5, and you hand the cashier a $10 bill. You should expect some money back, right? That’s where the concept of making change comes in.

• Addition and Subtraction: To find out how much change you’ll get, you need to subtract the cost of the toy from the amount you gave. So, $10 – $5 = $5. Simple, right?

But what if you get coins? Understanding their values and how to combine them is crucial. If you get four quarters as change, that’s the same as $1!

Savings and Spending: The Twin Pillars

Now that we know about different types of money and their values, let’s talk about what you can do with it.

• Savings: This means keeping some money aside for the future. Maybe you want to buy a big toy or a new bicycle. By saving a little bit over time, you can reach your goal!
• Spending: This is when you use your money to buy things. Remember, always think before you spend. Do you really need that toy or candy? Or is it better to save for something bigger?

Fun Money Activities for Third Graders

Learning about money isn’t just about numbers; it can be fun too!

• Role Play: Set up a mini-market at home. Use play money or real coins (with supervision) and practice buying and selling with family members.
• Money Puzzles: Challenge yourself with money-themed puzzles to test your knowledge.
• Money Jars: Create separate jars for savings, spending, and charity. This way, you learn to manage your money and also help others.

In Conclusion

Mastering money basics in the 3rd grade is more than just understanding coins and bills. It’s about building smart habits, understanding value, and making informed choices. With the right resources and hands-on activities, money lessons can be both educational and enjoyable. Dive deep into the world of money with Brighterly and equip your child with skills that last a lifetime!