Key Ideas
1Place vs. Value. 'Place' is the position (ones, tens, hundreds...). 'Value' is what the digit is worth there (digit x place).
2Expanded Form. Writing a number as the sum of the value of each digit. Example: present present present present present present present present present present present present present present present present.
3Face Value. The digit itself, regardless of position (the face value of 7 in 375 is simply 7).
4Decimal Place Value. Positions after the decimal point are tenths, hundredths, thousandths, each getting smaller by a factor of 10.
Worked Examples
What is the place value of 5 in 3,542?
500
Write 4,067 in expanded form.
4000 + 0 + 60 + 7
In the number 12.34, what is the place value of the 3?
Tenths place, value = 3/10 = 0.3