# Ch 17: WEST Middle Grades Math: Money & Consumer Math

### About This Chapter

## WEST Middle Grades Math: Money & Consumer Math - Chapter Summary

The video lessons in this chapter reinforce your knowledge of key terms related to the solving of real world money and consumer math problems. The lessons cover the following information to help you ready yourself for the WEST Middle Grades Math test:

- Understanding the value of coins, making change and locating missing coins
- Addition and subtraction of monetary amounts
- How to multiply and divide money by whole numbers and decimals
- Calculation of sales commissions
- Steps to solving interest problems
- Understanding how to compound interest and calculate shipping and handling fees
- Calculating total and unit costs as well as taxes, discounts and tips
- Defining price mark ups

These videos, each less than 10 minutes long, offer a fun and effective way to study for the test. You may watch the video lessons as many times as you'd like. If you want to re-watch only a few main points, use video tags to jump to that section of the lesson. Take lessons quizzes to see how well you absorbed the materials presented by the instructors.

### WEST Middle Grades Math: Money & Consumer Math Chapter Objectives

The state of Washington offers the WEST Middle Grades Math test to candidates seeking an endorsement to teach middle grades mathematics. The test consists of approximately 150 multiple-choice questions and is provided in a computer-based format. The chapter exam offered with our chapter on money and consumer math provides you an opportunity to answer multiple-choice questions about this subject, therefore, preparing you to correctly answer these types of questions on the test.

### 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 WEST Middle Grades Mathematics (203): Practice & Study Guide course

- WEST Middle Grades Math: Basic Arithmetic Operations
- WEST Middle Grades Math: Solving Math Word Problems
- WEST Middle Grades Math: Properties of Numbers
- WEST Middle Grades Math: Estimating & Rounding
- WEST Middle Grades Math: Number Theory
- WEST Middle Grades Math: Roots & Radical Expressions
- WEST Middle Grades Math: Exponents & Exponential Expressions
- WEST Middle Grades Math: Scientific Notation
- WEST Middle Grades Math: Simplifying Whole Number Expressions
- WEST Middle Grades Math: Integers
- WEST Middle Grades Math: Rational Numbers
- WEST Middle Grades Math: Introduction to Fractions
- WEST Middle Grades Math: Operations with Fractions
- WEST Middle Grades Math: Introduction to Decimals
- WEST Middle Grades Math: Operations with Decimals
- WEST Middle Grades Math: Percents
- WEST Middle Grades Math: Number Patterns & Sequences
- WEST Middle Grades Math: Properties of Functions
- WEST Middle Grades Math: Graphing Functions
- WEST Middle Grades Math: Negative Numbers
- WEST Middle Grades Math: Absolute Value
- WEST Middle Grades Math: Inequalities
- WEST Middle Grades Math: Factoring
- WEST Middle Grades Math: Monomials & Polynomials
- WEST Middle Grades Math: Writing Algebraic Expressions
- WEST Middle Grades Math: Basic Algebraic Expressions
- WEST Middle Grades Math: Algebraic Distribution
- WEST Middle Grades Math: Writing & Solving One-Step Equations
- WEST Middle Grades Math: Writing & Solving Two-Step Equations
- WEST Middle Grades Math: Simplifying & Solving Rational Expressions
- WEST Middle Grades Math: The Coordinate Graph
- WEST Middle Grades Math: Linear Equations
- WEST Middle Grades Math: Systems of Linear Equations
- WEST Middle Grades Math: Rates, Ratios & Proportions
- WEST Middle Grades Math: Measurements
- WEST Middle Grades Math: Perimeter & Area
- WEST Middle Grades Math: Polyhedrons & Geometric Solids
- WEST Middle Grades Math: Symmetry, Similarity & Congruence
- WEST Middle Grades Math: Properties of Lines
- WEST Middle Grades Math: Angles
- WEST Middle Grades Math: Triangles
- WEST Middle Grades Math: Triangle Theorems & Proofs
- WEST Middle Grades Math: Similar Polygons
- WEST Middle Grades Math: The Pythagorean Theorem
- WEST Middle Grades Math: Quadrilaterals
- WEST Middle Grades Math: Circles
- WEST Middle Grades Math: Circular Arcs & Measurement
- WEST Middle Grades Math: Transformations
- WEST Middle Grades Math: Data & Graphs
- WEST Middle Grades Math: Statistics
- WEST Middle Grades Math: Data Collection
- WEST Middle Grades Math: Samples & Populations
- WEST Middle Grades Math: Probability
- WEST Middle Grades Math: Sets
- WEST Middle Grades Mathematics Flashcards