Topic: Money ( Rates, Taxes, Shares and dividends)
Basic 6 / Primary 6
Instructional Materials :
- Wall Posters
- Related Online Videos
- Role Playing
- Scheme of Work
- Online Information
- 9 Year Basic Education Curriculum
Previous Knowledge :
The pupils have previous knowledge of money in their previous classes
Behavioural Objectives : At the end of the lesson, the pupils should be able to
- Explain the idea of money and its uses
- Define Rates
- Explain Taxes,
- Say the meaning of Shares and dividends
- solves simple questions on money , taxes , rates and dividend
MONEY is anything that is generally accepted for settlement of debts and payments for good and services . it is also a means or measure of wealth and standard for differed payment. Examples of money that we spend in Nigeria are the 1000 naira note, 500 naira note, 200 naira note , 100 naira note etc
Rates are standard levies or payments that we pay to the government for the services of social amenities and security that they rendered to us . Examples of rates that are paid in Nigeria is Tenement rate , land use charge , kiosk rate , stall rates , water rates, electricity bill, tolls at Lekki link roads etc
Taxes are compulsory levies that are imposed by the government of the day on every eligible citizen of a country towards the development of the state or community or country. Examples of taxes are PAYE , personal income tax, Value Added Tax ,etc. Government uses the taxes that are collected to build schools, Hospitals, roads etc
Shares are your pecuniary or fiduciary interest in a company. They are the units of your investment in a limited liability company in relationship to the amount and the number of units of such shares of that company that you own.
Dividend is the financial , monetary or other wise rewards on shares that are owned by individuals in a company . These dividends are paid by companies on the interest that the have made and the period may be annually or at any regular intervals that is fixed .
Simple Questions On Taxes , Rates And Dividend
Example:- Alapere Agboyi Local Development government charges N5.50 monthly for the use of market stalls along Ajibola Crescent
Find The total rent collected monthly From
(A). 50 stalls (B) 160 stalls
(A). Monthly rate collected for N50
Stalls is N5.50×50 =N275.00
(B) Monthly Rate is N5.50
For 160 Stalls N5.50 x 160 = N880
Example:- Tax deducted from the taxable Income of an employee is 35K on Every N1. Find the tax paid if the Taxable income is N4,500
= (35k/N1.00 x N4500.00) or (0.35 x 4500) = N1575.00
Payable Income Tax ON N4500 at the rate of 35% is N1575
A metal manufacturing company Sells some of its 40K share to the Public who are ready to buy in Multiples of 200.
(i). What is the cost of 800 shares?
(ii). How many shares can I buy With N1, 250?
Cost of one share = 40K
Cost of 800 Shares = 40k×800 = N( 40×800)= N320.
Answer = N320:00
(ii). 40K can buy only one share: or
one share unit = N0:40 or 0.40 = 1 unit (0.40 x 1)
two share units = N0:80 or 0.80 will buy 2 units (0.40 x 2)
five share units = N 2:00 or N2:00 will buy five unit (0.40 x 5)
ten share units = N 4:00 or N4.00 will buy ten units of shares (0.40 x 10)
Therefore N1,250 will buy (0.40 x N1250) = 500 units of shares.
Dividends:- These are the rewards on shares or investments.
A share holder has 200 shares in a Company in Kosofe .Calculate The Dividend of the share holder if dividends are given at five and half kobo per share .
Dividend on 1 share = 5 1/2 Dividend on 200 shares =( 11/ 2k )×( 200) or (5.5/100) x N200 0r (55/100) x N200 or 0.55 x N200 = N11:00
Ans = N11: 00
The topic is presented step by step
The class teacher revises the previous topics
He introduces the new topic
The class teacher allows the pupils to give their own examples and he corrects them when the needs arise
Mrs Adani lady earns two million naira per annum.
(a) Work out her income tax
b) Work out her monthly tax
2. At the Marina Car Park, 400 naira is charged to park a jeep and 250 naira to park a car.
How much will the Car Park Authority collect for parking 250 cars and 360 jeeps in a day?
3.The IKEDC charge for a company is 48275 naira VAT inclusive.
If 10% was charged as VAT, how much was that?
4. Find the rent collected by Local Government Authority from 276 stalls at the rate of 5600 naira per stall.
The class teacher wraps up or conclude the lesson by giving out short note to summarize the topic that he or she has just taught.
The class teacher also goes round to make sure that the notes are well copied or well written by the pupils.
He or she does the necessary corrections when and where the needs arise.
Prepare for the next lesson by reading about
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