# Ch 11: NES Middle Grades Math: Money & Consumer Math

### About This Chapter

## NES Middle Grades Math - Money and Consumer Math - Chapter Summary

Use this chapter's lessons as a study resource when you're preparing to take the NES Middle Grades Math examination. As you begin your review, you'll find steps and examples related to topics such as number value, sales commissions, interest formulas, and shipping and handling. Item unit price, sales tax and discounts are also covered. Further examining these subjects could help you with:

- Teaching the value of nickels, dimes, quarters and pennies
- Explaining how to identify a missing coin
- Adding, subtracting and dividing money amounts
- Solving word problems that involve multiplying money by decimals and whole numbers
- Describing the process of making change
- Understanding sales commissions and sales mark-up
- Calculating discounts and taxes as well as tips and shipping and handling
- Outlining the steps for compounding interest formulas and solving interest problems
- Describing item unit price

The lessons are fairly short, self-paced, informational and fun to explore. They include written transcripts, pop quizzes and worksheets. Experienced instructors present the above concepts on money and consumer math. Prepare to pass the NES Middle Grades Math examination by going over the information and building your expertise in each topic.

### NES Middle Grades Math - Money and Consumer Math Objectives

There are four content domains on the NES Middle Grades Math examination. *Number Sense and Operations,* *Algebra and Functions,* *Measurement and Geometry* and *Statistics, Probability and Discrete Mathematics* are each respectively worth 17%, 33%, 25% and 25% of the assessment score. Display what you picked up during your review of this chapter as well as your ability to teach other math subjects during this examination, which consists of 150 multiple-choice questions. The assessment is computer-based, and it must be finished within a four-hour, 15-minute time frame.

### 1. Coins: Number Value & Letter Name

The United States' currency system includes several coins. Learn the number values and letter names of each of these coins, including the quarter, dime, nickel, and penny.

### 2. How to Find the Missing Coin

The 'missing coin problems' are math problems where the value of a specific coin is determined by the information about other coins, and the total value. Use the provided examples to learn how to use mathematical operations to solve these problems.

### 3. Adding & Subtracting Money Amounts

Adding and subtracting money follows the rules for adding and subtracting decimals. Learn about the value of money, how money is added or subtracted using decimals, and ways to avoid making mistakes using a student receiving an allowance as an example.

### 4. Multiplying Money by Whole Numbers & Decimals

When multiplying money in mathematics, the value is considered as a decimal and follows the rule of multiplying decimals. Learn how to multiply money by whole numbers and decimals.

### 5. Dividing Money Amounts

Dividing money is a good way to determine which item is a better buy, and money can be divided by whole numbers or decimals. Learn how to divide amounts of money can help make sure you get the best deal for your hard earned cash.

### 6. Making Change from a Purchase

When making a purchase, a consumer rarely has the exact amount due and often overpays, needing the extra amount paid to be returned as change. Understand the process of making change to give customers the least number of bills and coins as possible, beginning with the largest currency to the smallest.

### 7. How to Calculate Sales Commissions

Discover how to calculate sales commission based on the three types of commission structures. Review what sales commission is and understand the percentage of sales method, the stair step structure, and the fixed commission structure.

### 8. How to Mark Up a Price

Marking up prices to cover costs and earn a profit is a common business practice. This lesson explains the standard formula to mark up a price, and provides examples of markups.

### 9. Taxes & Discounts: Calculations & Examples

Shopping taxes and discounts are two calculations consumers need to understand. Learn the connection between math and shopping, examine examples and calculations for taxes and discounts, and review examples of tax as well as tax and discount calculations.

### 10. How to Solve Interest Problems: Steps & Examples

If a person is trying to learn how to better save money, it's important that they learn about interest. This lesson explores how to calculate interest, how to find the interest, how time plays a part in dealing with interest, and how to find the interest rate.

### 11. Compounding Interest Formulas: Calculations & Examples

Compound interest refers to interest calculated on both the principal amount of a loan or investment as well as on the accumulated interest. Learn about compounding interest formulas, review the calculations, and work examples. Understand the difference between simple and compound interest, and recognize the importance of the order of operations in calculating compound interest.

### 12. How to Calculate Shipping & Handling

Shipping and handling fees are more than just the cost of the business to ship an item to a customer. Discover the details of packaging, shipping, and handling costs that are used to calculate the total cost.

### 13. How to Calculate a Tip

A tip is typically a percentage of a total cost, and they are given in appreciation of a service. Explore how to calculate a tip including taxes and the total cost of a bill through mental math calculations.

### 14. Item Unit Price & Total Cost: Calculations & Examples

Businesses need to understand the relationship between unit prices and total costs to balance expenses and revenue. Learn the details of item unit price, overhead costs, production costs, and total costs that businesses calculate through examples.

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### Other Chapters

Other chapters within the Business 110: Business Math course

- Number Sense
- Linear Equations and Inequalities
- Graphing and Evaluating Equations and Functions
- Quadratic Equations and Functions
- Probability and Statistics for Business
- Depreciation & Salvage Values
- Interest & Purchases
- Math for Financial Analysis
- Business Math Applications
- Studying for Business 110