Lesson Note on Money – Taxes, Rates, Shares, Dividends & Conversion for Primary 6

Class: Primary Six
Term: Second Term
Subject: General Mathematics
Curriculum Theme:
Previous Lesson:
Topic: Understanding money
Content/Learning Area: Meaning of Money, Taxes, Rates, Shares and Dividends, Conversion of Currency
Time Allocation: 40 minutes

Performance Objectives

By the end of the lesson, pupils should be able to:

• Cognitive Domain:

1. Define money and explain its importance.2. Calculate taxes, rates, and dividends using simple formulas.3. Convert currency from one unit to another.
4. Explain the difference between taxes and rates.
5. Explain the difference between shares and dividends.

• Psychomotor Domain:

1. Solve problems involving tax calculations.
2. Solve problems involving rate calculations.
3. Solve problems involving dividend calculations.
4. Solve problems involving currency conversion.

• Affective Domain:

1. Show interest in learning about money management.
2.appreciate the importance of saving and investing.

• Social Domain:

1. Work collaboratively with peers to solve problems.

Reference Materials

• 9 – Years basic Education Curriculum
• Abuja Educational Resource center Scheme of Work
• NAPPS National Unified Scheme of Work
• Online Facts
• Relevant Textbooks

Instructional Materials

To deliver this lesson, the teacher will use the following materials:

• Whiteboard or chart
• markers or chalk
• Examples of different currencies
• Worksheets with practice problems

Rationale for the Lesson

Understanding money is a life skill. This lesson provides a foundation for future learning in financial literacy and responsible money management.

Prerequisite/Previous Knowledge

Pupils should have basic arithmetic skills, including addition, subtraction, multiplication, and division.

Lesson Content

Meaning of Money

Money is anything generally accepted as payment for goods and services. This includes coins, paper money, and digital forms of money.

Taxes

Taxes are payments citizens make to the government to fund public services. Value Added Tax (VAT) is an example. To calculate tax: Tax amount = Price × Tax Rate. To find the tax rate: Tax Rate = Tax amount / Price. To find taxable income: Taxable Income = Tax amount / Tax Rate.

How to Calculate Tax

Tax Amount = Price × tax Rate. Examples are:

1. A 500 Naira notebook with 7.5
2. A 1,200 Naira textbook with 5
3. A 2,500 Naira school uniform with 10

How to Find the Tax Rate

Tax Rate = Tax Amount / Price. Examples are:

1. 37.5 Naira tax on a 500 Naira notebook is a 7.5
2. 60 Naira tax on a 1,200 Naira textbook is a 5
3. 250 Naira tax on a 2,500 Naira school uniform is a 10

How to Find Taxable Income from Tax Paid and Rate

Taxable Income = Tax Amount / Tax Rate. Examples are:

1. 37.5 Naira tax at 7.5
2. 60 Naira tax at 5
3. 250 Naira tax at 10

Example Problem

mary bought a 1,000 Naira dress with 7.5

Rates

Rates are set amounts for specific services, like electricity. Total Cost = Rate × Quantity. For example, 150 kWh at 20 Naira/kWh costs 3,000 Naira (20 × 150 = 3,000).

How to Calculate Total Cost Using Rates

Total Cost = Rate × Quantity. Examples are:

1. 150 kWh at 20 Naira per kWh costs 3,000 Naira (20 × 150 = 3,000).
2. 200 liters of water at 5 Naira per liter costs 1,000 Naira (5 × 200 = 1,000).
3. 300 minutes of phone call at 2 Naira per minute costs 600 Naira (2 × 300 = 600).

Example Problem

A 15 Naira/cubic meter water rate for 50 cubic meters costs 750 Naira (15 × 50 = 750).

Shares and dividends

Shares represent company ownership. Dividends are profits paid to shareholders. Total Dividend = Number of Shares × Dividend per Share. For example, 10 shares with a 5 Naira dividend equals 50 Naira (10 × 5 = 50).

How to Calculate Dividends

Total Dividend = Number of Shares × Dividend per Share. Examples are:

1. 10 shares at 5 Naira per share is 50 Naira (10 × 5 = 50).
2. 25 shares at 8 Naira per share is 200 Naira (25 × 8 = 200).
3. 50 shares at 12 Naira per share is 600 Naira (50 × 12 = 600).

Example Problem

John’s 20 shares at 4 Naira per share yield 80 Naira in dividends (20 × 4 = 80).

Conversion of Currency

Currency conversion changes money from one country’s currency to another using exchange rates. For example,if 410 Naira = 1 US dollar,then 50,000 Naira equals approximately 121.95 USD (50,000 / 410 ≈ 121.95).

How to calculate Currency Conversion

From Foreign Currency to Local Currency

The following are the steps to calculate currency conversion from foreign currency to local currency:

1. Identify the foreign currency amount.
2. Find the exchange rate.
3. Multiply the amount by the exchange rate.

Example: 100 USD to Naira: 100 × 410 = 41,000 Naira.

From Local currency to Foreign Currency

The following are the steps to calculate currency conversion from local currency to foreign currency:

1. Identify the local currency amount.
2. Find the exchange rate.
3. Divide the amount by the exchange rate.

Example: 41,000 Naira to USD: 41,000 / 410 = 100 USD.

Example Problem

Convert 200 Euros to Naira,given that 1 Euro = 480 Naira. 200 Euros × 480 Naira/Euro = 96,000 Naira.

Teaching Methods

To deliver this lesson,‌ ⁤the teacher will⁤ adopt⁤ the following methods: Explanatory method, Question and answer method, Group work

Instructional Procedures

To deliver this lesson, the teacher will adopt the following steps:

Step 1: Introduction

Time: 5 minutes
Teaching Skill: Set Induction
Teacher’s Activity: Ask pupils what they no about money and its uses.
Pupils’ Activity: Respond to the teacher’s questions.

Step 2: Description of Key Concepts

Time: 15 minutes
Teaching Skill: explanation
Teacher’s Activity: Explain the meaning of money, taxes, rates, shares, dividends, and currency conversion.Pupils’ Activity: Listen attentively and ask clarifying questions.

step 3: Demonstration/Guided Practice

Time: 10 minutes
Teaching Skill: Demonstration
Teacher’s Activity: Demonstrate how to calculate taxes, rates, dividends, and currency conversions using examples.
Pupils’ Activity: observe the teacher’s demonstration and participate in guided practice.

Step 4: Independent Practice

Time: 5 minutes
Teaching Skill: Monitoring
Teacher’s Activity: Provide worksheets with practice problems for pupils to solve independently.
Pupils’ Activity: Solve the problems independently.

Step 5: Note-Taking

Time: 2 minutes
Teaching Skill: note-taking
Teacher’s Activity: Guide pupils in taking notes on key concepts and formulas.
Pupils’ Activity: Take notes on key concepts and formulas.

step 6: Evaluation/Review

Time: 3 minutes
Teaching Skill: Questioning
Teacher’s Activity: Review the lesson and answer any remaining questions.
Pupils’ Activity: Ask questions and participate in the review.

Step 7: Conclusion

Time: –
Teaching Skill: Conclusion
Teacher’s activity: Summarize the main points of the lesson.
Pupils’ Activity: Listen to the summary and ask any final questions.

Lesson Keywords

• Money – Anything generally accepted as payment for goods and services.
• Taxes – Payments to the government to fund public services.
• Rates – Set amounts for specific services like electricity.
• Shares – Represent ownership in a company.
• Dividends – Profits paid to shareholders.
• Currency Conversion – Changing money from one country’s currency to another.

Lesson Evaluation

To evaluate the learning, the teacher asks pupils to:

1. Define money and give examples of its forms.
2. Explain the difference between taxes and rates.
3. Calculate the tax on an item priced at 2,000 Naira with a 5
4. Calculate the cost of using 200 kWh of electricity at a rate of 18 Naira/kWh.
5. Calculate the total dividend for someone holding 30 shares with a dividend of 7 Naira per share.
6. Convert 50 US Dollars to Naira, given an exchange rate of 410 Naira per USD.

Assignment/Homework

1. Research and write a short paragraph on the importance of paying taxes.
2. Solve the following problems:

Calculate the tax on a television priced at 50,000 Naira with a 7.5 Calculate the cost of using 350 liters of water at a rate of 12 Naira/liter.
Calculate the total dividend for someone holding 75 shares with a dividend of 9 Naira per share.
Convert 100 British Pounds to Naira, given an exchange rate of 550 Naira per GBP.

Differentiation

• For slower learners: Provide simpler problems with smaller numbers and more guidance during practice.
• For advanced learners: Assign more complex problems involving multiple steps and encourage them to research current exchange rates.
• For visual/auditory/kinesthetic learners: Use visual aids like charts and real currency examples, encourage discussion, and incorporate hands-on activities like role-playing transactions.

note for Teachers

Ensure to use real-life examples relevant to the pupils’ experiences to make the lesson more engaging and understandable. Emphasize the importance of financial literacy and responsible money management.