The rational fraction, one third, can be represented as a non terminating decimal, with the digit 3 repeating for ever.
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terminating decimal is when the quotient has the remainder of zero.
Finding a place value in a terminating decimal is easy. When placing the decimal always remember to place it at the tenth.
All jobs will use terminating decimals but most jobs will also require you to be able to work with recurring decimals and many will need decimal numbers which are neither terminating nor recurring.
pi is the quotient obtained by the dividing the circumference of a circle by its diameter. It is not a rational number and so cannot be expressed as a fraction or a terminating decimal. You can not give the exact value of pi as a decimal no matter how many places you use.
0.3333333.... is irrational because it can not be stated exactly, no matter how many decimal places you use.