Profit and Loss in Buying and Selling for Primary 4

Class: Primary 4
Term: Second Term
Week: 10
Age: 9 years
Duration: 45 minutes
Subject: General Mathematics
Curriculum Theme: Mensuration
Focal competence: Multiplying and dividing money for daily transactions
Skills:

• Solving profit and loss related transactional problems

Previous Lesson: Money Operations, Multiplication, Division and Everyday Transactions
Topic: Money: Profit And Loss
Subject Matter: Meaning of profit and loss, Meaning/application of profit and loss in simple buying and selling

Specific Objectives

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

Cognitive Domain

• Explain the meaning of profit.
• Explain the meaning of loss.
• State the formula for calculating profit.
• State the formula for calculating loss.

Psychomotor Domain

• Calculate profit from given cost price and selling price.
• Calculate loss from given cost price and selling price.

Reference Materials

The following resources were used in planning this lesson:

• 2025 Revised 9 Years Basic Education Curriculum
• Relevant State Unified Scheme of Work
• Universal Basic Mathematics for Primary 4
• The HeadTeacher Scheme of work

Instructional Materials

The teacher will teach this lesson with the aid of:

• Real money (Naira notes and coins)
• Model of money
• Charts showing examples of buying and selling
• Counters
• Counting blocks
• Whiteboard/Blackboard
• Markers/Chalk

Rationale for the Lesson

Understanding profit and loss is fundamental for pupils to grasp basic economic concepts and make informed decisions in daily transactions. This lesson helps pupils develop essential mathematical skills for calculating financial outcomes, which is crucial for managing personal finances and understanding business activities in the future.

Prerequisite/Previous Knowledge

Pupils should have a basic understanding of money, counting, addition, and subtraction of numbers up to thousands.

Lesson Content/Board Summary

Money: Profit And Loss

Meaning of Profit

Profit is the extra money you make when you sell something for more than you bought it. It means you gained money from the sale.

Meaning of Loss

Loss is when you sell something for less than you bought it. It means you lost money from the sale.

Calculation of Profit

To calculate profit, we use the following formula:

(text{Profit} = text{Selling Price} – text{Cost Price})

Where:

1. Selling Price is the amount you sell an item for.
2. Cost Price is the amount you bought the item for.

Calculation of Loss

To calculate loss, we use the following formula:

(text{Loss} = text{Cost Price} – text{Selling Price})

Where:

1. Cost Price is the amount you bought the item for.
2. Selling Price is the amount you sell an item for.

Worked Example

Question: A trader bought a book for ₦800 and sold it for ₦950. Did the trader make a profit or a loss? Calculate the profit or loss.

Solution:

Step 1: Identify the cost price and selling price.

Cost Price = ₦800

Selling Price = ₦950

Step 2: Compare the selling price and cost price to determine if it’s a profit or loss.

Since Selling Price (₦950) is greater than Cost Price (₦800), the trader made a profit.

Step 3: Write the formula for profit.

(text{Profit} = text{Selling Price} – text{Cost Price})

Step 4: Substitute the values and calculate.

(text{Profit} = text{₦950} – text{₦800})

(text{Profit} = text{₦150})

Answer: The trader made a profit of ₦150.

Teaching Methods/Instructional Techniques

Discussion, Demonstration, Guided Practice, Question and Answer, Explanation, Problem Solving, Individual Practice

Instructional Procedures

Step 1: Introduction

Time: 5 minutes

Teaching Skill: Activating prior knowledge

Teacher’s Activity: The teacher asks pupils about their experiences with buying and selling items, like snacks or toys. The teacher then introduces the topic of profit and loss in buying and selling.

Pupils’ Activity: Pupils share their experiences and listen attentively.

Learning Point: Real-life buying and selling

Step 2: Meaning of Profit

Time: 7 minutes

Teaching Skill: Explanation/Demonstration

Teacher’s Activity: The teacher explains the meaning of profit using simple examples, demonstrating with real or model money. For instance, “If I buy a pen for ₦20 and sell it for ₦30, I made extra money. This extra money is called profit.”

Pupils’ Activity: Pupils listen, observe the demonstration, and ask questions for clarification.

Learning Point: Understanding profit concept

Step 3: Meaning of Loss

Time: 7 minutes

Teaching Skill: Explanation/Demonstration

Teacher’s Activity: The teacher explains the meaning of loss, again using simple examples and model money. “If I buy a sweet for ₦50 and sell it for ₦40, I lost some money. This lost money is called loss.”

Pupils’ Activity: Pupils listen, observe, and relate to the examples.

Learning Point: Understanding loss concept

Step 4: Calculating Profit

Time: 7 minutes

Teaching Skill: Formula introduction

Teacher’s Activity: The teacher introduces the formula for calculating profit: Profit = Selling Price – Cost Price. The teacher writes the formula on the board and explains each term.

Pupils’ Activity: Pupils copy the formula and terms into their notebooks.

Learning Point: Profit calculation formula

Step 5: Calculating Loss

Time: 5 minutes

Teaching Skill: Formula introduction

Teacher’s Activity: The teacher introduces the formula for calculating loss: Loss = Cost Price – Selling Price. The teacher writes the formula on the board and explains each term.

Pupils’ Activity: Pupils copy the formula and terms into their notebooks.

Learning Point: Loss calculation formula

Step 6: Worked Example

Time: 5 minutes

Teaching Skill: Problem solving/Guided practice

Teacher’s Activity: The teacher presents the worked example from the Board Summary (Cost Price ₦800, Selling Price ₦950) on the board and guides pupils step-by-step through the calculation to find the profit.

Pupils’ Activity: Pupils follow along, participate in the steps, and solve the example with the teacher’s guidance.

Learning Point: Applying profit calculation

Step 7: Evaluation/Review

Time: 5 minutes

Teaching Skill: Questioning/Assessment

Teacher’s Activity: The teacher evaluates the learning by asking the following questions:

1. What is profit?
2. What is loss?
3. How do you calculate profit?
4. If you buy a pencil for ₦50 and sell it for ₦70, what is your profit?

Pupils’ Activity: Pupils answer orally and in writing.

Learning Point: Understanding profit and loss

Step 8: Note-Taking

Time: 4 minutes

Teaching Skill: Guided Writing

Teacher’s Activity: The teacher guides pupils to copy the essential Board Summary notes on the meaning and calculation of profit and loss into their notebooks.

Pupils’ Activity: Pupils copy the notes carefully into their notebooks.

Learning Point: Recording lesson notes

Step 9: Conclusion

Time: 3 minutes

Teaching Skill: Reinforcement

Teacher’s Activity: The teacher briefly recaps the main points of the lesson, emphasizing the difference between profit and loss and how to calculate them in everyday buying and selling.

Pupils’ Activity: Pupils listen and ask any final questions.

Learning Point: Consolidating profit and loss

Continuous Assessment/Further Study

Type: Homework

Instruction: Solve the following problems in your mathematics notebook:

1. A shopkeeper bought a toy for ₦1,200 and sold it for ₦1,500. Calculate the profit.
2. Musa bought a bag of oranges for ₦700 and sold them for ₦650. Calculate the loss.
3. Explain in your own words when a person makes a profit.

Lesson Keywords

• Profit – Extra money gained from selling something for more than it was bought.
• Loss – Money lost from selling something for less than it was bought.
• Cost Price – The amount of money spent to buy an item.
• Selling Price – The amount of money an item is sold for.

Differentiation

Support for weaker learners: Provide additional simple examples with smaller numbers and use more visual aids like counters and real money for hands-on practice. Pair them with stronger learners for peer support.

Extension for faster learners: Challenge them with slightly more complex word problems involving multiple items or asking them to create their own profit and loss scenarios.

Suggested Lesson Videos

You can find helpful videos by searching on YouTube for: profit and loss for primary school mathematics nigeria

Teacher Guide for Using This Lesson Plan

Before the lesson, ensure you have sufficient real or model money, charts, and counters to make the concepts of profit and loss tangible for the pupils. Begin by engaging pupils with relatable buying and selling scenarios to introduce the topic. Clearly explain the definitions of profit and loss, using simple language and practical demonstrations. When introducing the formulas, write them clearly on the board and explain each term. Guide pupils through the worked example step-by-step, encouraging their participation. During the note-taking stage (Step 8), ensure pupils copy the Board Summary accurately. Pay close attention to pupils’ understanding during the evaluation and provide immediate feedback. Encourage faster learners to think critically about more complex scenarios while offering extra support and simplified examples for those who are struggling.