Class: Primary 6
Term: Second Term
Week: 5
Age: 11 years
Duration: 45 minutes
Subject: General Mathematics
Curriculum Theme: Financial Literacy
Previous Lesson: Open Sentences: Translating Word Problems and Multi-Step Operations.
Topic: MONEY, POPULATION, ECONOMICS AND CONVERSION OF CURRENCIES
Subject Matter: Taxes, Rates, Rents, Levies, Buying and Selling of Shares and Dividends, Using Calculator for Currency Conversion, Solving Quantitative Reasoning

Specific Objectives

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

Cognitive Domain:

Define taxes, rates, levies, shares, and dividends.
List reasons for paying taxes and levies.
Calculate taxes, rates, and dividends.
Use a calculator to convert one currency to another given an exchange rate.
Solve quantitative reasoning problems involving these financial concepts.

Affective Domain:

Appreciate the importance of financial literacy in daily life.
Develop a positive attitude towards civic responsibilities like paying taxes.

Psychomotor Domain:

Accurately operate a calculator to perform currency conversions.
Demonstrate the steps for calculating shares and dividends.

Discuss the role of taxes in community development.

Reference Materials

The following resources were used in planning this lesson:

9 Years Basic Education Curriculum for Primary 6 Mathematics.
State Unified Scheme of Work for Primary 6 Mathematics.
New General Mathematics for Primary Schools, Book 6.
https://www.mathworksheets4kids.com/money/currency-conversion.html
https://www.investopedia.com/terms/s/shares.asp

Instructional Materials

The teacher will teach this lesson with the aid of:

Textbook, workbook
Posters showing examples of tax calculations or share certificates
Charts displaying exchange rates
Calculators (real or projected)
Whiteboard and markers

Rationale for the Lesson

This lesson helps pupils understand important financial concepts like taxes, shares, and currency conversion that they will encounter in their daily lives. Understanding these topics enables pupils to make informed decisions and participate effectively in economic activities as they grow.

Prerequisite/Previous Knowledge

Pupils have a basic understanding of money, percentages, and simple arithmetic operations (addition, subtraction, multiplication, division).

Lesson Content/Board Summary

Taxes, Rates, Shares, Dividends, and Currency Conversion

1. Taxes, Rates, and Levies

Taxes are compulsory financial contributions imposed by a government on individuals or businesses to fund public services.

Rates are local government charges, often for services like waste disposal or property maintenance.

Levies are small fees or charges collected for specific purposes or services.

The following are reasons for paying taxes and levies:

To fund public services such as roads, schools, hospitals, and security.
To maintain law and order in the community.
To support government administration and development projects.

Items on which taxes, rates, and levies could be taken include:

Income (e.g., income tax)
Goods and services (e.g., Value Added Tax – VAT)
Property (e.g., property rates)
Specific services (e.g., community development levies)

2. Shares and Dividends

Shares represent units of ownership in a company. When you buy shares, you become a part-owner of that company.

Dividends are a portion of a company’s profit distributed to its shareholders. They are usually paid out per share owned.

Buying and selling of shares involves the process of acquiring or disposing of these ownership units, typically through a stockbroker.

To calculate dividends:

Multiply the dividend per share by the total number of shares owned.

Example: If a company pays N5 dividend per share and you own 100 shares, your total dividend is N5 x 100 = N500.

3. Using Calculator for Currency Conversion

Currency conversion is the process of exchanging one country’s currency for another. This is done using an exchange rate.

The exchange rate is the value of one currency in terms of another.

Steps to use a calculator for currency conversion:

Identify the current exchange rate between the two currencies.
If converting from a stronger currency to a weaker one (e.g., Dollars to Naira), multiply the amount by the exchange rate.
If converting from a weaker currency to a stronger one (e.g., Naira to Dollars), divide the amount by the exchange rate.

Example: If $$1 = N750, to convert$$ 100 to Naira, you multiply: 100 x 750 = N75,000. To convert N150,000 to Dollars, you divide: 150,000 / 750 = $200.

4. Solving Quantitative Reasoning Problems

Quantitative reasoning involves using mathematical skills to solve problems. For taxes, rates, shares, dividends, and currency conversion, this means:

Reading the problem carefully to understand what is being asked.
Identifying the relevant values and operations (addition, subtraction, multiplication, division).
Applying the correct formulas or methods for calculating taxes, dividends, or converting currencies.
Presenting the answer clearly with appropriate units.

Teaching Methods/Instructional Techniques

Discussion, Lecture, Demonstration, Question and Answer, Visual Aids

Instructional Procedures

Step 1: Introduction

Time: 5 minutes
Teaching Skill: Set Induction
Teacher’s Activity: The teacher greets the pupils and asks them what they understand by “money”. The teacher then introduces the topic by asking about payments made to the government or for services, linking it to taxes and levies.
Pupils’ Activity: Pupils respond to the teacher’s questions and listen attentively.
Learning Point: Pupils are introduced to the concept of money and its related financial terms.

Step 2: Explanation of Taxes, Rates, and Levies

Time: 10 minutes
Teaching Skill: Explanation/Illustration
Teacher’s Activity: The teacher defines taxes, rates, and levies, explaining the reasons why people pay them and listing items on which they are collected. The teacher uses local examples where possible.
Pupils’ Activity: Pupils listen, take notes, and contribute examples of taxes or levies they know.
Learning Point: Pupils understand the definitions and importance of taxes, rates, and levies.

Step 3: Introduction to Shares and Dividends

Time: 10 minutes
Teaching Skill: Concept Development
Teacher’s Activity: The teacher explains what shares are as units of ownership in a company and how dividends are profits paid to shareholders. The teacher explains how to calculate total dividends.
Pupils’ Activity: Pupils listen, ask questions for clarity, and practice a simple dividend calculation example.
Learning Point: Pupils grasp the concepts of shares and dividends and how to calculate dividends.

Step 4: Using a Calculator for Currency Conversion

Time: 7 minutes
Teaching Skill: Demonstration/Practical Application
Teacher’s Activity: The teacher defines currency conversion and exchange rates. The teacher demonstrates how to use a calculator to convert one currency to another using given exchange rates, showing both multiplication and division scenarios.
Pupils’ Activity: Pupils observe the demonstration and follow along with their own calculators if available, practicing simple conversions.
Learning Point: Pupils learn how to use a calculator to convert currencies.

Step 5: Solving Quantitative Reasoning Problems

Time: 5 minutes
Teaching Skill: Problem Solving
Teacher’s Activity: The teacher guides pupils through an example of a quantitative reasoning problem that combines one or more of the concepts taught (e.g., calculating tax on income or converting money for a share purchase).
Pupils’ Activity: Pupils participate in solving the example problem and ask questions.
Learning Point: Pupils learn to apply the concepts to solve quantitative reasoning problems.

Step 6: Class Activity/Practice

Time: 3 minutes
Teaching Skill: Guided Practice
Teacher’s Activity: The teacher provides a few short practice questions on calculating taxes, dividends, or converting currencies for pupils to solve individually or in pairs.
Pupils’ Activity: Pupils attempt to solve the practice questions.
Learning Point: Pupils reinforce their understanding through practice.

Step 7: Evaluation/Review

Time: 5 minutes

Teaching Skill: Questioning/Assessment

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

Define “tax” and “dividend”.
Mention two reasons why people pay taxes.
If $$1 = N700, how much Naira will you get for$$ 50?
A company declared a dividend of N2.50 per share. How much will a shareholder with 200 shares receive?

Pupils’ Activity: Pupils answer orally and in writing.

Learning Point: Pupils demonstrate understanding of the lesson.

Step 8: Conclusion

Time: 2 minutes
Teaching Skill: Summarization
Teacher’s Activity: The teacher summarizes the key points of the lesson, emphasizing the importance of understanding financial concepts in daily life and for future planning. The teacher assigns homework.
Pupils’ Activity: Pupils listen to the summary and copy down the homework.
Learning Point: Pupils consolidate their learning and are prepared for further practice.

Lesson Keywords

Taxes – Compulsory payments to the government.
Rates – Local government charges for services.
Levies – Small fees for specific purposes.
Shares – Units of ownership in a company.
Dividends – Profits paid to shareholders.
Currency Conversion – Exchanging money from one currency to another.
Exchange Rate – Value of one currency in terms of another.

Differentiation

For pupils who grasp concepts quickly, the teacher will provide more complex quantitative reasoning problems. For pupils needing more support, the teacher will offer simplified examples and one-on-one guidance, focusing on one concept at a time before combining them.

Note for teachers using this lesson plan

Teachers should ensure that pupils have access to calculators, either physical or through a projector for demonstration. Real-life examples of tax payments and currency exchange can make the lesson more relatable. Encourage discussions on the importance of these financial concepts.