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

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

Jessica Kaminski

Updated on October 10, 2023

Hello young explorers and eager learners of the Brighterly community! Have you ever wondered about the coins jingling in your pocket or the colorful bills that grown-ups use to buy things? Let’s dive into the exciting world of money in 3rd grade, shall we?

Understanding Money Basics: Coins and Bills

In every corner of the world, money takes different forms. Here in the U.S., we’re familiar with pennies, nickels, dimes, and quarters. Remember:

• Pennies: These are copper-colored and worth 1 cent.
• Nickels: These are slightly larger, silver-colored and worth 5 cents.
• Dimes: The smallest coins but are worth 10 cents!
• Quarters: Larger than nickels and dimes, they’re worth 25 cents.

Apart from coins, we also use paper money like the $1, $5, $10, and $20 bills. Can you imagine, each piece of paper has a different value?

Why Do We Use Money?

Long, long ago, before money was invented, people used to barter. That means they would trade things they had for things they wanted. Imagine trading your favorite toy for a bag of apples! Doesn’t sound very convenient, does it? That’s why humans came up with the idea of money. Money acts as a middleman—it’s a way for everyone to understand the value of things without having to swap items directly.

For instance, if you wanted to buy a book, instead of trading toys or snacks, you can simply hand over some coins or bills that have the same value as the book. It makes buying and selling much easier!

Saving and Spending: The Two S’s of Money

Money isn’t just about buying things instantly. Part of understanding money is learning about saving and spending.

• Saving means keeping some of your money aside for later. Maybe you’re saving up for a big toy, a new game, or even for something much larger in the future. A piggy bank can be a great friend in your saving journey!

• Spending, on the other hand, is using your money to buy things. It’s fun to spend, but it’s important to think before you buy. Always ask yourself, “Do I really need this?” or “Can I find a better deal somewhere else?”

Remember, it’s all about balance. Save some, spend some!