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It is important to know how to work with money so that you can:

Recognize the value of amounts of money

Estimate your expenditure

Often money calculations will involve the use of percentages and fractions. You will learn about these in Chapter 6.

Glossary

estimate If you estimate a quantity or value, you make an approximate judgement or calculation of it.

expenditure Expenditure is the spending of money on something, or the money that is spent on something.

value In mathematics, the value of a symbol or letter is the amount represented by it.

The value of a digit in a number depends on its position in the number. In the following amounts of money, the digit 4 has a different meaning:

14p or £0.14	four pence
45¢ or 0.45¢	forty cents
£14.27	four pounds
$49.99	forty dollars
£458.60	four hundred pounds
€4,700	four thousand euros
$46,500	forty thousand dollars

A place value diagram may help to remind you how to recognize the value of amounts of money. The highest number in the group is the maximum and the lowest is the minimum.

$10,000	€1,000	£100	$10	£1	.	¢1/10	1/100p
ten thousand dollars	one thousand euros	one hundred pounds	ten dollars	one pound	.	ten cents	one pence

Estimating can be a useful skill when you are calculating your monthly expenditure because you can work out approximately how much your total bill will be without adding up all of the individual values. Estimating involves rounding prices up or down to the nearest ten pounds, dollars or euros so that you can work out the total more easily.

This list shows the actual expenditure with the estimated value for each cost:

Monthly Expenditure
	Actual cost	Estimated cost
Accommodation	£512.40	£510
Food and drink	£148.60	£150
Travel	£31.52	£30
Clothes	£56.80	£60
Entertainment	£86.53	£90

So, when we add up the actual prices the aggregate total price for our shopping is £835.85 and the estimated cost is £840.

Glossary

round up/down If you round an amount up or down, you change it to the nearest whole number or the nearest multiple of 10, 100, 1,000, and so on.

aggregate An aggregate amount or score is made up of several smaller amounts or scores added together.