Money

In this chapter, we will discuss how money is an integral part of our lives. We use it to buy things, save money and spend it with friends and family. Learning about money and how to use it wisely will help you make the most out of it and enjoy it along the way!

What is Money?

Money is something that people use to buy goods and services. It is a medium of exchange. Money comes in different forms such as coins, notes and paper bills. We use money to buy things we want or need. Currency is a term used to describe the various forms of money used globally. Each country has its own currency.

Money became a medium of exchange for goods and services.

What are the most popular currencies around the world?

The world's most widely used currencies are listed below.

1. In the United States of America, the currency is the US dollar (USD). It is denoted by the symbol $.

2. In the United Kingdom, the currency is the Great British Pound (GBP). It is denoted by the symbol £.

3. In Australia, the currency is the Australian Dollar (AU$). It is denoted by the symbol $, A$ or AU$.

4. In Japan, the currency is the Japanese Yen (JPY). It is denoted by the symbol ¥.

5. In India, the currency is the Indian rupee (INR). It is denoted by the symbol ?.

6. In 20 European Union states like France, Germany, Italy, etc., the currency is the Euro (EUR). It is denoted by the symbol €.

Unit Conversion of Money

→ One US dollar (USD) is equal to one hundred cents.

$1 = 100 cents

→ One Great British Pound (GBP) is equal to one hundred pennies.

£1 = 100 pennies 

Example 1: If the cost of a toy bus is € 48, a toy jet fighter aeroplane is € 96 and three army trucks are € 37 each, what is the total cost of all the items?

a) € 145
b) € 145
c) €245
d) € 255

Answer: d) € 255

Explanation: Cost of a toy bus = € 48
Cost of a toy jet fighter aeroplane = € 96
Cost of three army jeep = € 37 3 = € 111

Total cost of all the items = € 48 + € 96 + € 111 = € 255

Example 2: What is the sum of money in cents?

a) 15100 cents
b) 15200 cents
c) 15300 cents
d) 15500 cents

Answer: c)15300 cents

Explanation: Sum of money = $(100 + 20 + 20 + 10 + 2 + 1) 
                                           = $153
                                           = $153 × 100 ($1 = 100 cents)
                                           = 15300 cents