F1. Money and Finances
Specific Expectations
By the end of Grade 3, students will:
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Money Concepts
F1.1
estimate and calculate the change required for various simple cash transactions involving whole-dollar amounts and amounts of less than one dollar
- situations involving simple cash transactions:
- simulating the purchase of a single item
- selling an item at a school or community fundraiser
- purchasing an item at a community event or social gathering
- estimating cash payment:
- payment is rounded to the closest 5¢:
- cost is 62¢ – payment is 60¢
- cost is 63¢ – payment is 65¢
- cost is 68¢ – payment is 70¢
- payment is rounded to the closest 5¢:
- calculating change for a cash transaction involving dollars:
- the purchase cost is $44, and the cash given is $60:
- the change required is $16
- provide customer with:
- 1 ten-dollar bill, 1 five-dollar bill, and 1 loonie, or
- 3 five-dollar bills and 1 loonie
- the purchase cost is $44, and the cash given is $60:
- calculating change for a cash transaction involving cents:
- an item costs 65¢, and the cash given is 75¢:
- the change required is 10¢
- provide customer with:
- 1 dime, or
- 2 nickels
- an item costs 65¢, and the cash given is 75¢:
- Addition and subtraction skills can be applied to estimate and calculate change during simple cash transactions.
Note
- Real-life contexts build understanding of simple cash transactions while developing proficiency with addition, subtraction, mental math strategies, and math facts.
- Tasks involving only whole-dollar amounts support an understanding of place value. (The concept of place value up to hundredths is not addressed until Grade 5.)
Indicate the “price” in whole-dollar amounts for a variety of items (e.g., items in the classroom, such as a stapler, a pencil case, a notebook, or a box of crayons). Have students select three or four items to “purchase” and estimate the total cost in whole-dollar amounts.
Provide a dollar amount for students to “spend”. Ask them to add up purchases of several items and determine how much change, if any, they should receive. Use concrete or digital play money to enhance these experiences. Consider using scenarios that involve local community and school events.