Money is the medium used by people to buy the required goods or services. It is used as the source to fulfill basic needs as well as a source of comfort in life. Money is used throughout our society. Without money, you would be extremely limited in the number of things you can do in this society. You would have to follow the footsteps of people in the past and do banter trade instead, in which you try to exchange objects that both of you find to be of the same value.
We need money everywhere such as to eat food, to drink water or milk, to see TV, news, subscribe newspaper, wear clothes, education, etc and a lot of other requirements. In today’s costly and competitive society and the world, we cannot live without money. People in the society who are rich and have property are looked as an honorable and respectful person of the society however a poor person does not have much respect.
Calculations involving money are the same as any other math operations, the basic operators are the same, plus, minus, divide and multiply. Calculations involving money can be seen just as normal calculations involving numbers with decimal places. The main thing of note when doing calculations involving money is the number of decimal places you need to maintain, as well as that you cannot write it out as a fraction.
Taking Singapore dollars, or example, you should always maintain 2 decimal places when doing basic calculations. So even when you’re doing calculations that do not involve any cents, you still need to write out two zeros after the decimal place. So, five dollars will be written as $5.00 and not $5. The same logic also applies to values such as 10 cents, which would be $0.10. For division, you will occasionally get values that have more than 2 decimal places, in this case, you need to round off the value to 2 decimal place when giving your final answer as there is no such thing as half a cent.
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