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YEAR 1 · MONEY PROBLEMS · 12 MIN

Simple class enterprise

Use a small pretend class shop to connect making, selling and spending money.

In this lesson

Before you start
  • Adding and subtracting small amounts
  • Reading whole-dollar prices
01 / LEARN

Understand the idea.

Plan a pretend shop

A class enterprise is a small activity the class plans together. In this pretend shop, the class makes bookmarks to sell. Before starting, find out what materials are needed and how much they cost.

Our story uses one dollar of materials for each bookmark and a selling price of two dollars. These are pretend prices for practising a plan; an adult would help organise any real class activity.

Money coming in and money going out

Money from selling is money coming in. Buying materials is money going out. To find what remains, first use some of the selling money to cover what was spent on materials.

For two bookmarks, materials cost two dollars and selling both brings in four dollars. After covering the two-dollar cost, two dollars remain. A simple record helps the class explain where its money went.

02 / WORKED EXAMPLES

See the method in action.

EXAMPLE 01

Making three bookmarks

Materials cost one dollar per bookmark. How much do materials for three bookmarks cost?

Worked solution

  1. 1

    Count the bookmarks being made.

    3 bookmarks

    Each of the three bookmarks needs its own materials.

  2. 2

    Add one dollar for each bookmark.

    1+1+1=3

    Materials cost one dollar per bookmark.

  3. 3

    State the materials cost.

    3 dollars

    This total covers materials for all three bookmarks.

Answer

3 dollars.

EXAMPLE 02

Sell, then cover the cost

The class spends three dollars making bookmarks and receives six dollars from selling them. How much remains after covering the cost?

Worked solution

  1. 1

    Start with the money received.

    6 dollars

    Selling the bookmarks brought six dollars into the class fund.

  2. 2

    Cover the money spent making them.

    6−3=3

    Three of the six dollars replace the materials cost.

  3. 3

    Name what remains.

    3 dollars

    The making cost has already been covered, leaving three dollars.

Answer

3 dollars.

03 / YOUR TURN

Try it yourself.

Check your understanding

Materials cost one dollar for each bookmark. How much is needed to make four bookmarks?

Show answer & reasoning

4 dollars.

Each bookmark needs one dollar of materials. For four bookmarks, 1+1+1+1=4, so four dollars are needed.

Keep practising

6 worksheet questions

Read the questions online
  1. Materials for one bookmark cost one dollar. What do materials for two bookmarks cost?
  2. One bookmark sells for two dollars. What do two bookmarks sell for?
  3. The class spends two dollars and receives five dollars. How much remains after covering the cost?
  4. The class has four dollars for materials. Can it make five bookmarks if materials cost one dollar each?
  5. One group records a two-dollar sale. Another group records a two-dollar sale. Find the sales total.
  6. The class has three dollars left after its shop. Suggest a sensible way to decide what to do with it.
Read the worked solutions
  1. Materials for one bookmark cost one dollar. What do materials for two bookmarks cost?

    One and one make two.

    2 dollars.
  2. One bookmark sells for two dollars. What do two bookmarks sell for?

    Two and two make four.

    4 dollars.
  3. The class spends two dollars and receives five dollars. How much remains after covering the cost?

    Five take away two leaves three.

    3 dollars.
  4. The class has four dollars for materials. Can it make five bookmarks if materials cost one dollar each?

    Five bookmarks need five dollars.

    No. It needs one more dollar.
  5. One group records a two-dollar sale. Another group records a two-dollar sale. Find the sales total.

    Combine both sales: two and two make four.

    4 dollars.
  6. The class has three dollars left after its shop. Suggest a sensible way to decide what to do with it.

    A suitable answer includes a fair class decision and respects the three-dollar limit.

    For example, discuss class needs and vote on an affordable choice, or agree to save it.
Checking saved progress…
Curriculum reference & lesson scope

Australian Curriculum v9 and SA Curriculum Mathematics

Year 1 money modelling, needs and wants, simple class enterprise and consequences of financial choices. Activities use supplied pretend prices and whole-dollar amounts.

Official curriculum source ↗

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