Procedures for Making Payment and Managing Store Records Business Studies JSS 3 First Term Lesson Notes Week 2

Lesson Plan for Business Studies

• Subject: Business Studies
• Class: JSS 3
• Term: First Term
• Week: Week 2
• Age: 12–14 years
• Topic: Procedures for Making Payment and Store Records
• Sub-topic: Cash, Bank Transfers, Cheques, Bank Drafts, E-Payment, and Imprest Accounts
• Duration: 40 minutes

Behavioural Objectives

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

1. Identify and explain different methods of making payments.
2. Describe the imprest account system and how it is managed.
3. Explain the meaning of store and store records and their importance.

Keywords

• Cash
• Bank transfer
• Cheque
• Bank draft
• E-payment
• Imprest account
• Store records

Set Induction

The teacher asks students: “How do you or your parents make payments when buying things? Do you always use cash, or do you sometimes use other methods?”

Entry Behaviour

Students have seen or heard about cash payments, and some may be familiar with mobile transfers.

Learning Resources and Materials

1. Sample cheque, bank draft, and e-payment forms
2. Visual aids showing store records

Building Background / Connection to Prior Knowledge

Students have experience with payments, especially with cash. This lesson expands on other payment methods and introduces the concept of managing store records in businesses.

Embedded Core Skills

• Financial literacy
• Problem-solving
• Technology skills

Learning Materials

1. Lagos State Scheme of Work
2. Business Studies textbooks
3. Visuals for cheque, bank transfer, and store records

Reference Books

• Lagos State Scheme of Work for JSS 3 Business Studies
• Business Studies Textbook for Junior Secondary Schools

Instructional Materials

1. Business Studies textbook
2. Samples of cheque, bank transfer forms, and store records
3. Charts explaining different payment methods

Content

Procedures for Making Payment

Businesses use various methods to pay for goods and services. These include:

1. Cash: Payment using physical money such as coins and notes. It is the simplest form of payment but may not be safe for large amounts.
2. Bank Transfer: This is the electronic transfer of money from one bank account to another. It is a fast and secure method of payment.
3. Cheque: A cheque is a written order instructing a bank to pay a specific amount of money from the writer’s account to a recipient.
4. Bank Draft: A bank draft is a type of payment guaranteed by a bank. It is often used for large payments and is more secure than a cheque.
5. E-Payment (Electronic Payment): This involves paying for goods or services through digital platforms like mobile banking apps, online payment gateways, or debit cards.
6. Imprest Account: An imprest account is a small amount of money given to an employee to cover minor expenses. The employee must balance and restore the imprest after spending it by submitting receipts or vouchers.

Balancing and Restoring the Imprest Account

The imprest account needs to be balanced after each expenditure to ensure that the total money spent is accurate. When the money in the account is running low, the employee must request a restoration of the imprest, showing how the money was used.

Meaning of Store and Store Records

1. Store: A store is a place where goods or materials are kept for future use. In a business, the store ensures that there is always stock available for production or sale.
2. Store Records: Store records are documents used to keep track of the goods in a store. They show the items that have been received, issued, and the balance remaining in the store.

Evaluation

Fill in the blank questions with options:

1. The payment method that involves physical money is called _____.
   a) Bank transfer
   b) E-payment
   c) Cash
   d) Cheque
2. A written order instructing a bank to pay money from your account is a _____.
   a) Cash
   b) Bank draft
   c) Cheque
   d) Transfer
3. The electronic transfer of money from one account to another is called _____.
   a) Bank transfer
   b) E-payment
   c) Bank draft
   d) Cheque
4. The system that allows employees to handle minor expenses is called _____.
   a) Store record
   b) Imprest account
   c) E-payment
   d) Cash
5. A place where goods are kept for future use is called a _____.
   a) Store
   b) Bank
   c) Warehouse
   d) Office
6. Store records are important for tracking _____.
   a) Payments
   b) Stock in the store
   c) Employees
   d) Expenses
7. The safest method to pay large sums of money is a _____.
   a) Cash
   b) Cheque
   c) Bank draft
   d) Store requisition
8. A digital method of paying for goods using a phone app is known as _____.
   a) Cheque
   b) Cash
   c) E-payment
   d) Bank draft
9. To restore an imprest account, the employee must submit _____.
   a) Cheques
   b) Vouchers or receipts
   c) Delivery notes
   d) Stock records
10. The process of tracking items in a store is called _____.
    a) Stock taking
    b) Delivery note
    c) Store record management
    d) Imprest balancing

Class Activity Discussion: FAQs

1. What is cash payment?
   Answer: It is the use of physical money like coins and notes to pay for goods or services.
2. What is a bank transfer?
   Answer: It is the electronic transfer of money from one bank account to another.
3. What is a cheque?
   Answer: A cheque is a written instruction to a bank to pay a specific amount of money from your account.
4. What is a bank draft?
   Answer: A bank draft is a payment method guaranteed by a bank, used for large amounts.
5. What is e-payment?
   Answer: E-payment refers to paying for goods or services electronically through digital platforms.
6. What is an imprest account?
   Answer: An imprest account is a small sum of money given to an employee to cover minor expenses.
7. What happens when an imprest account needs restoration?
   Answer: The employee submits receipts or vouchers to account for the spent money and requests more funds.
8. What is a store?
   Answer: A store is a place where goods or materials are kept for future use.
9. Why are store records important?
   Answer: Store records help track the movement of goods in and out of the store.
10. What does balancing the imprest account mean?
    Answer: It means accounting for all the money spent from the imprest and ensuring the balance is accurate.
11. What information is found in store records?
    Answer: Store records show items received, items issued, and the remaining balance.
12. Why is a bank draft more secure than a cheque?
    Answer: A bank draft is guaranteed by the bank, making it more secure for large payments.
13. What is the difference between cash and e-payment?
    Answer: Cash is physical money, while e-payment is done electronically.
14. When would you use an imprest account?
    Answer: An imprest account is used to handle small day-to-day expenses.
15. How do you balance an imprest account?
    Answer: By accounting for all the money spent and ensuring the records match the amount spent.

Presentation

Step 1: The teacher revises the previous topic, “Types of Business Transactions.”
Step 2: The teacher introduces the new topic by discussing different methods of payment and explaining how businesses manage store records.
Step 3: Students contribute by sharing their experiences with payment methods, and the teacher provides corrections and explanations.

Activities

Teacher’s Activities:

• Show examples of cheques, bank drafts, and electronic payment systems.
• Explain how an imprest account works.
• Discuss the importance of keeping store records.

Learner’s Activities:

• Identify different payment methods.
• Participate in discussions on the importance of store records.
• Ask questions for clarification.

Assessment

Evaluation Questions:

1. What is a bank transfer?
2. List four different methods of making payments.
3. What is the purpose of an imprest account?
4. How do you balance an imprest account?
5. Why are store records important in a business?
6. What is e-payment?
7. Explain what a bank draft is used for.
8. What does a cheque do?
9. Define the meaning of store records.
10. How does a business restore an imprest account?

Conclusion

The teacher goes around to mark the students’ answers and evaluates their understanding of the topic.