Lesson Notes By Weeks and Term - Senior Secondary School 2

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  4. Credit I

Term: 2nd Term

Week: 1

Class: Senior Secondary School 2

Age: 16 years

Duration: 40 minutes of 2 periods each

Date:       

Subject:    Commerce

Topic:-      Credit I

SPECIFIC OBJECTIVES: At the end of the lesson, pupils should be able to

  1. Explain the meaning of credit
  2. Highlight the basis for credit sales
  3. State the advantages and disadvantages of credit

INSTRUCTIONAL TECHNIQUES: Identification, explanation, questions and answers, demonstration, videos from source

INSTRUCTIONAL MATERIALS: Videos, loud speaker, textbook, pictures

INSTRUCTIONAL PROCEDURES

PERIOD 1-2

PRESENTATION

TEACHER’S ACTIVITY

STUDENT’S ACTIVITY

STEP 1

INTRODUCTION

The teacher reviews the previous lesson on the terms of trading

Students pay attention

STEP 2

EXPLANATION

She explains the meaning of credit.

She further highlights the basis for credit sales

Students pay attention and participates

STEP 3

DEMONSTRATION

She discusses the advantages and disadvantages of credit

Students pay attention and participate

STEP 4

NOTE TAKING

The teacher writes a summarized note on the board

The students copy the note in their books

 

NOTE

CREDIT

Credit is the ability of a customer to obtain goods or services with a

promise to pay at a later date 

 

BASIS FOR CREDIT SALES

  1. The integrity of the person
  2. the source of income
  3. the time of payment
  4. The income of the buyer
  5. The present job/business of the customer

 

ADVANTAGES OF CREDIT

  1. It encourages bulk purchase
  2. Customers get to enjoy of goods without payment:
  3. Credit sales can increase the living standard of people as buyers can buy goods they never thought they could afford to buy.
  4. Credit can serve as serve as a means of meeting temporary needs for cash because the individual can buy on credit and use the money at hand for other things.

DISADVANTAGES OF CREDIT

  1. The customers can be tempted to buy more than what they intend to buy because of credit sale.
  2. Buying on credit makes the seller to add additional price on the sale of good, thereby bringing about increase in the price of goods.
  3. Capital for the business can be tied down
  4. Problems of non payment
  5. It involves record keeping
  6. If the buyer refuses to pay, it can lead to court

 

EVALUATION:   1. Explain the meaning of credit

  1. Highlight the basis for credit sale
  2. State the advantages and disadvantages of credit sale

CLASSWORK: As in evaluation

CONCLUSION: The teacher commends the students positively