Class 2 Exam > Class 2 Notes > Math Olympiad for Class 2 > Chapter Notes: Money
Money Class 2 Notes Maths
| Table of contents |
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| What Is Money? |
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| What are Notes (Paper Money)? |
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| What are Coins (Metal Money)? |
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| Expressing Money |
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| Problems Based on Real Life Situations |
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What Is Money?
We need money to buy things. Money can be in form of a note or a coin. In India, currency is used in the form of rupees and paise.
Rupees and Paise
1 rupee (₹1) = 100 paise (100 p).
Symbol: ₹ for rupees, p for paise.
What are Notes (Paper Money)?
Notes are made of special paper (and sometimes plastic) and are flat and rectangular.
Each note shows a number that tells us its value, for example:
₹10, ₹20, ₹50, ₹100, ₹200, ₹500
Notes are light and easy to carry in a wallet or purse.
They usually have pictures of Indian leaders, animals, or symbols printed on them.
What are Coins (Metal Money)?
Coins are round pieces made of metal.
They feel heavy and make a clinking sound when you drop them!
Common coin values in India:
50 p (paise), ₹1, ₹2, ₹5, ₹10
Coins are good for small amounts because they don’t tear like paper.
- We can combine small coins or notes to get larger value of money.
- 10 rupees can be got by combining different coins as:
Expressing Money
How to express or write money together when we take rupees and paise separately?We write rupees as ‘₹’ and paise as ‘p’.
We use a point or dot(.) to separate rupees and paise.
For example:
Sonu purchased a toy car in 125 rupees and 75 paise. How can we express this money?
We can express it as ₹125.75.
We can write 10 rupees as ₹10.00 as it has no paise.
Problems Based on Real Life Situations
Example 1: A book costs ₹ 130 and a pencil box costs ₹ 90. Mona gives ₹ 250 to a shopkeeper to buy these two things. How much money does she get back?
Cost of the book = ₹ 130
Cost of the pencil box = ₹ 90
Total cost of the two items = ₹ 130 +₹ 90 = ₹ 220
Money given to the shopkeeper = ₹ 250
Total amount spent = ₹ 220
So, money returned = ₹ 250 – ₹ 220 = ₹ 30
Mona gets back ₹ 30.
Example 2: Monty bought a packet of crayons for ₹ 25 and an ice-cream for ₹ 12. How much money did he spend?
To find out how much money Monty spent in total, we need to add the prices of both items:
- ₹ 25 (for crayons)
- ₹ 12 (for ice-cream)
Now, let's add:
- 25 + 12 = 37
So, Monty spent ₹ 37 in total.
The document Money Class 2 Notes Maths is a part of the Class 2 Course Math Olympiad for Class 2.
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FAQs on Money Class 2 Notes Maths
| 1. What is the importance of financial literacy? |  |
Ans. Financial literacy is important because it equips individuals with the knowledge and skills needed to make informed financial decisions. It helps in understanding concepts like budgeting, saving, investing, and managing debt, leading to better financial well-being and the ability to achieve financial goals.
| 2. How can I improve my financial literacy? | |
Ans. There are several ways to improve financial literacy. You can start by reading books or taking online courses on personal finance. Additionally, attending workshops or seminars, seeking advice from financial advisors, and regularly staying updated with financial news and trends can also enhance your financial literacy.
| 3. What are some common money management mistakes to avoid? | |
Ans. Some common money management mistakes to avoid include overspending, failing to budget, not saving for emergencies, accumulating high-interest debt, and not investing for the future. By avoiding these mistakes, individuals can maintain better financial stability and achieve their financial goals.
| 4. How can I create a budget to manage my money effectively? | |
Ans. To create a budget, start by tracking your income and expenses. Categorize your expenses into fixed (rent, bills) and variable (groceries, entertainment). Allocate a portion of your income towards savings and prioritize essential expenses. Regularly review your budget, make adjustments as needed, and ensure that you are living within your means.
| 5. What are the benefits of saving and investing money? | |
Ans. Saving and investing money have various benefits. Saving helps create an emergency fund for unexpected expenses and provides financial security. Investing allows individuals to grow their wealth over time through the power of compounding and helps in achieving long-term financial goals such as retirement or purchasing a home.
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Document Description: Chapter Notes: Money for Class 2 2025 is part of Math Olympiad for Class 2 preparation.
The notes and questions for Chapter Notes: Money have been prepared according to the Class 2 exam syllabus. Information about Chapter Notes: Money covers topics
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