Making change

Learning Objectives Calculate the correct amount of change from a purchase using subtraction. Use the 'counting up' method to determine the correct change. Represent money amounts using dollars and cents with a decimal point. Identify the combination of bills and coins that uses the fewest pieces to make a specific amount of change. Solve one-step and two-step word problems involving making change. Verify that the change they receive is correct by adding it to the cost of the item. You have a $10 bill and want to buy a new toy that costs $7.50. How much money will you get back? 🛍️ This lesson will teach you two different ways to figure out how much money you get back after buying something. This is called 'making change,' and it's a very important s...

TermDefinitionExample CostThe price of an item; the amount of money you need to buy something.A comic book has a cost of $4.25. Amount PaidThe money you give to the cashier to pay for an item.If you give the cashier a $5 bill to buy the $4.25 comic book, the amount paid is $5.00. ChangeThe money you get back when you pay with more than the cost of an item.After paying $5.00 for a $4.25 comic book, you get $0.75 back in change. Decimal PointThe dot that separates the whole dollars from the cents (the parts of a dollar).In $12.50, the decimal point separates the 12 dollars from the 50 cents. Coin ValuesThe worth of each coin in cents.A quarter is worth 25¢, a dime is 10¢, a nickel is 5¢, and a penny is 1¢.

The Subtraction Rule Change = Amount\ Paid - Cost This is the most common way to find the exact change. You subtract the cost of the item from the amount of money you paid. The Counting Up Rule Cost + Change = Amount\ Paid This method is like counting on a number line. You start at the cost and count up using coins and bills until you reach the amount you paid. This is often how cashiers make change.