﻿ Money For Class 3 | Practice Questions, Worksheets

# Money

## Money - Sub Topics

• What is Money?
• Unit Conversion of Money
• Solved Questions on Money
• In this chapter, we are going to learn about money and its significance. It is a fundamental aspect of our daily lives. It serves as a medium for the exchange of goods and services. It allows us to engage in transactions, meet our needs and plan for the future.

## What is Money?

Money is a medium of exchange. It allows people and organizations to purchase goods and services that are essential for their livelihood and well-being. It is a transfer of funds. The money and goods are exchanged in the following way:

Currency is a term used to describe the various forms of money used globally. Each country has its own currency.

### Most popular currencies in the world

Here are some of the most commonly used currencies around the world:

→ The Great British Pound (GBP) is the currency of the United Kingdom and its symbol is £.

→ The US dollar (USD) is the currency of the United States and its symbol is \$.

→ The Indian rupee (INR) is the currency of India and its symbol is ?.

→ The Japanese yen (JPY) is the currency of Japan and its symbol is ¥.

→ The Euro (EUR) is the currency of 20 European Union countries like France, Germany and Italy and its symbol is €.

→ The Australian Dollar (AU\$) is the currency of Australia and its symbol is \$, A\$ or AU\$.

## Unit Conversion of Money

The unit conversion of money is described below:

→ A single US dollar (USD) is equal to one hundred cents which are denoted as:

\$1 = 100 cents

→ A single Great British Pound (GBP) is equal to one hundred pennies which is denoted as:

£1 = 100 pennies

Example 1: The shopkeeper received \$214 for a luxury pair of earrings, \$432 for a luxury necklace and \$251 for a silver coin. What amount has he received in cents?

a) \$78900
b) \$87900
c) \$89700
d) \$98700

Explanation: Shopkeeper received the amount = \$(214 + \$432 + 251)
= \$897

Shopkeeper received the amount in cents = \$897 × 100
= 89700 cents

Example 2: Newton purchases a bracelet for £329. What is the amount in pennies he gets back if he pays £400?

a) 5100 pennies
b) 7100 pennies
c) 9100 pennies
d) 10100 pennies

Explanation: Amount paid by Newton = £400
Cost of bracelet = £329

Amount he gets back = £400 − £329
= £71

Amount in pennies he gets back = £71 × 100
= 7100 pennies

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