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# ACARA Mathematics Strand: Number and Algebra Sub Strand: Money and Financial Mathematics

## Year Level Year 1 Content Descriptor

Recognise, describe and order Australian coins according to their value (ACMNA017)

Declarative Knowledge
Individual features of Australian coins The different money symbols e.g. dollar (\$) and cents (c) Australian coins are different to Asian Coins. Different notes in Australian currency

Procedural Knowledge
Identify and describe specific features of each Australian coin using appropriate mathematical language (e.g. coins, value, head/tail) Represent coin values with equivalent collections of coins Compare Asian coins to Australian coins. Place coins in order of value. Describe the features of Australian notes Compare and match Australian notes according to their value and written form.

Issues
1.Students may incorrectly believe that the size of the coin determines the coin value (e.g. believing that 20c is worth more than \$2 because the coin is larger in size). 2."Students whose number and measurement understandings remain linked to counting objects will be challenged by the value of coins, for example being given a single coin and being told it is 5. (Siemon et al., 2010, p. 624). Combining a variety of larger coins is difficult for students to grasp. For example two 20c coins and one 10c is equivalent to 50c. Student may not understand that one dollar is equal to 100cents.

Year 2

Count and order small collections of Australian coins and notes according to their value (ACMNA034)

The value of each Australian coin and note. The equivalent values of coins and notes. That a collection of notes and coins will add to a certain value. Australian currency is represented differently to other cultures. The correct operations needed to

Year 3

## Represent money values in multiple ways and count the

Compare coins and notes to the same value. Count and order small collections of Australian coins. Group similar Australian coins together to find the totals of each grouping. Add the totals of groups of Australian coins to find total amounts of money. Match prices of items with value of money Compare Australian denominations and divisions to other cultures. Calculate the change needed for simple

1. Students may still not understand that coins and notes can be combined in different ways to add up to

change required for simple transactions to the nearest five cents (ACMNA059)

identify the change required for simple transactions. Transactions require rounding off numbers to the nearest 5 cents.

transactions using a range of strategies. Round off change amounts to the nearest 5 cents in simple transactions. Select the appropriate coins needed to represent the change for simple transactions.

different monetary values (e.g. \$2 can be a \$2 coin or two \$1 coins or 10 20c coins). 2. Students might show difficulty with rounding money with cash transactions as money is rounded to the nearest 5 cents instead of 10 cents (Siemon et al., 2011). Although no rounding is required for Eftpos transactions. 3. Language confusion -Students may not understand that money is not read the way it is written (e.g. the dollar symbol, \$, is written first but read second). Language can become confusing when students round dollars and cents to the nearest dollar. 1. Some students will find it difficult to know correct operation to use when purchasing, and this may confuse students. E.g. adding up total amount spent, then subtracting the amount they have. 2. Students may not be able to add, subtract and multiply with decimals. 3. Students may round up or down when doing EFTPOS purchasing problems and forget to round when doing cash transactions.

Year 4

Solve problems involving purchases and the calculation of change to the nearest five cents with and without digital technologies (ACMNA080)

Problem solving equations without using digital technologies. EFTPOS transaction calculations. Cash transactions require rounding off numbers to the nearest 5 cents. Australian currency is represented differently to other cultures.

Solve simple purchasing problems which involve giving change to totals ending in zero and five cents. Demonstrate the difference between paying cash and with EFTPOS with simple purchasing operations. Use technology to determine the change given to simple purchasing problems. Carry out calculations in another currency. Apply knowledge of the formal conventions of money to recognise different representations in real life contexts

Year 5

## Create simple financial plans (ACMNA106)

The components of a budget plan. GST and its role within invoices and receipts.

Year 6

Investigate and calculate percentage discounts of 10%, 25% and 50% on sale items, with and without digital technologies (ACMNA132)

Common percentage amounts and their equivalent decimal and fraction. Understand the operations needed to calculate sale discounts on items.

Create and explain simple budget plans for events. Use simple operations to make calculations within the budget. Use Microsoft Excel to organise and store simple financial plans/equations. Identify the GST component of Invoices and Receipts. Demonstrate an understanding of money management as they develop realistic budgets to achieve a financial goal Investigate problems involving percentages with and without digital technologies. Use mathematical language and equations to explain how to calculate a common percentage of quantity. Calculate the amount of sale discount using common percentages.

1. Student may be unable to calculate/estimate amounts needed for budgets. 2. Students may not interpret the direct or visible use of money (costs involved) e.g. petrol to drive to holiday destination and days taken off vacation).

1.Students may get confused between the tenths and hundredths place holders. Due to this students are also unable to convert them to percentages correctly and vice versa. (For example: 0.6 as 6% rather than 60%.) So students may not know when to multiply and when to divide by 100 and the relationship between them. 1. Students may automatically assume that the bag with the lower cost price is the cheaper option. 2. Students may not be able to multiply with decimals, for example multiplying the weight by the dollar value to get correct answer. 3. Students may forget to convert the units in the operations so that they are the same.

Year 7

Investigate and calculate 'best buys', with and without digital technologies (ACMNA174)

Conversion rates and units. Identify the cost of items to be able to make a financial decision. Discount and Interest.

Investigate and complete a variety of different calculations in order to find the best buy. Apply problem solving skills to identify and compare best buy cost/calculations. Apply knowledge of measurement to understand cost of best buy situations.