Lesson Notes By Weeks and Term v3 - Primary 6
Money (a) Population and Economics consequences
Download the Lessonotes Mobile Nigeria 2025 app for faster lesson access on Android and iPhone.
Money (a) Population and Economics consequences
Download the Lessonotes Mobile Nigeria 2025 app for faster lesson access on Android and iPhone.
Subject: General Mathematics
Class: Primary 6
Term: 2nd Term
Week: 4
Theme: Measurement
This page supports the lesson note with a companion video and a short classroom-ready summary.
For class groups and homework, share this lesson page so learners also get the summary, objectives, and full lesson context.
Solve problems on taxes and rates; Solve problem in volving buying and selling of share and dividends; Solve problem on quantitative aptitude based on taxes and rate as well as selling of share and dividends.
property's value annually. Calculate the annual tenement rate.
Step 1: Identify the property value: N5,000,000 Step 2: Identify the rate percentage: 0.2% Step 3: Calculate the annual rate: Annual Rate = 0.2% of N5,000,000 Annual Rate = (0.2/100) N5,000,000 Annual Rate = 0.002 N5,000,000 Annual Rate = N10,000 Answer: The annual tenement rate for the property is N10,
0
0
0. C. Shares Shares represent units of ownership in a company. When an individual buys shares, they become a part-owner (shareholder) of that company. Companies sell shares to raise capital (money) for their operations and expansion.
Key Terminology: Share Price: The cost of one unit of a company's share. This price can change based on market demand and supply.
Shareholder: An individual or institution that owns shares in a company.
Investment: The total amount of money spent on buying shares.
Calculation of Investment in Shares: Example 5: Buying Shares Mr. Eze decided to invest in Dangote Cement Plc. He bought 800 shares at N28.50 per share. How much did Mr. Eze invest?
Step 1: Identify the number of shares: 800 shares Step 2: Identify the price per share: N28.50 Step 3: Calculate the total investment: Total Investment = Number of Shares Price per Share Total Investment = 800 N28.50 Total Investment = N22,800 Answer: Mr. Eze invested N22,
8
0
0. D. Dividends Dividends are a portion of a company's profits that are distributed to its shareholders. Companies declare dividends, usually annually, to reward their owners (shareholders) for their investment.
Declaration of Dividends: Dividend per Share: A fixed amount of money paid for each share owned (e.g., N1.50 per share).
Dividend as a Percentage: A percentage of the face value (nominal value) of the share, though dividend per share is more common in practice for direct calculation.
Calculation of Dividends: Example 6: Receiving Dividends The company Mr. Eze invested in (Dangote Cement Plc) declared a dividend of N1.75 per share. If Mr. Eze owns 800 shares, how much dividend will he receive?
Step 1: Identify the dividend per share: N1.75 Step 2: Identify the number of shares owned: 800 shares Step 3: Calculate the total dividend: Total Dividend = Dividend per Share Number of Shares Total Dividend = N1.75 800 Total Dividend = N1,400 * Answer: Mr. Eze will receive N1,400 as dividend. --- This section provides a detailed explanation of the core concepts, supported by clear, step-by-step calculations and examples relevant to the Nigerian context. A. Taxes Taxes are compulsory financial contributions imposed by the government on individuals, businesses, and goods/services. The revenue generated from taxes is used by the government to fund public services and infrastructure development.
Forms of Taxes in Nigeria: Income Tax: Levied on the income of individuals (e.g., salaries, business profits) and companies.
Pay As You Earn (PAYE): Deducted directly from the salaries of employees.
Direct Assessment: Levied on the income of self-employed individuals and professionals.
Value Added Tax (VAT): A consumption tax added to the price of most goods and services purchased. In Nigeria, the current VAT rate is 7.5%.
Company Income Tax: Tax paid by companies on their profits.
Customs Duties: Taxes levied on imported goods entering the country.
Petroleum Profits Tax: Tax on the profits of companies engaged in petroleum operations.
Calculation of Taxes: Taxes are usually calculated as a percentage of a base amount (e.g., income, cost of goods).
Example 1: Income Tax Mr. Okafor earns a monthly salary of N95,
0
0
0. If 5% of his salary is deducted as income tax, how much tax does he pay monthly?
Step 1: Identify the percentage tax rate: 5% Step 2: Identify the base amount (salary): N95,000 Step 3: Calculate the tax: Tax = 5% of N95,000 Tax = (5/100) N95,000 Tax = 0.05 N95,000 Tax = N4,750 Answer: Mr. Okafor pays N4,750 as income tax monthly.
Example 2: Value Added Tax (VAT) A customer buys a bag of rice for N35,
0
0
0. If VAT is 7.5%, how much VAT does the customer pay? What is the total cost of the bag of rice?
Step 1: Identify the VAT rate: 7.5% Step 2: Identify the base amount (cost of rice): N35,000 Step 3: Calculate the VAT amount: VAT = 7.5% of N35,000 VAT = (7.5/100) N35,000 VAT = 0.075 N35,000 VAT = N2,625 Step 4: Calculate the total cost: Total Cost = Cost of Rice + VAT Total Cost = N35,000 + N2,625 Total Cost = N37,625 Answer: The customer pays N2,625 as VAT, and the total cost of the bag of rice is N37,
6
2
5. B. Rates Rates are payments made to the local government for services rendered or for holding property within a local government area. They are often a type of property tax or a charge for specific local services.
Common Rates in Nigeria: Tenement Rate: An annual levy on properties (residential or commercial) by the local government. It's usually based on the assessed value of the property or a flat rate.
Business Premises Rate: A fee paid by businesses for operating within a specific local government area.
Calculation of Rates: Rates can be a fixed amount or a percentage of the property's value.
Example 3: Tenement Rate A local government charges a tenement rate of N15,000 per annum for a residential building. How much would the owner pay for 3 years?
Step 1: Identify the annual rate: N15,000 Step 2: Identify the number of years: 3 years Step 3: Calculate the total rate: Total Rate = Annual Rate Number of Years Total Rate = N15,000 3 Total Rate = N45,000 Answer: The owner would pay N45,000 for 3 years.
Example 4: Tenement Rate (Percentage-based) A commercial property in Surulere is valued at N5,000,
0
0
0. The local government charges a tenement rate of 0.2% of the property's value annually. Calculate the annual tenement rate.
Step 1: Identify the property value: N5,000,000 Step 2: Identify the rate percentage: 0.2% Step 3: Calculate the annual rate: Annual Rate = 0.2% of N5,000,000 Annual Rate = (0.2/100) N5,000,000 Annual Rate = 0.002 N5,000,000 Annual Rate = N10,000 Answer: The annual tenement rate for the property is N10,
0
0
0. C. Shares Shares represent units of ownership in a company. When an individual buys shares, they become a part-owner (shareholder) of that company. Companies sell shares to raise Teacher Activities: Introduction (10 minutes): Begin by asking students where the money for building roads, schools, and hospitals comes from. Guide them to the concept of government revenue. Display pictures of goods with VAT receipts or local government rate payment receipts. Ask students if they know anyone who owns a business or works for a company and briefly introduce the idea of company ownership. Concept Explanation and Discussion (20 minutes): Systematically explain each key concept: Taxes (forms and calculations), Rates (types and calculations), Shares (definition, investment), and Dividends (definition, calculation) using the detailed explanations and examples from Section
2. Write definitions and formulas on the board. Use local examples like "buying a soft drink with VAT," "landlords paying tenement rates," "investing in Zenith Bank shares." Facilitate a short Q&A session after explaining each concept to check for understanding.
Worked Examples (25 minutes): Work through the examples provided in Section 2 step-by-step on the board, encouraging students to participate in the calculations. Emphasize the importance of clear steps and correct units (Naira). Group Work/Practical Activity (15 minutes): Divide students into small groups. Provide each group with a scenario card (e.g., "A tailor earns N70,000 and pays 2% tax," "A property owner pays N10,000 tenement rate for 4 years," "Someone buys 300 shares at N50 each, and dividend is N2 per share"). Each group is to solve the problem and be ready to explain their steps to the class.
Review and Consolidation (5 minutes): Summarize the main points of the lesson. Address any lingering questions or misconceptions.
Student Activities: Active Listening and Participation: Listen attentively to the teacher's explanations and participate in class discussions.
Note-Taking: Copy important definitions, formulas, and worked examples from the board into their notebooks.
Questioning: Ask questions when they do not understand a concept or calculation.
Group Problem-Solving: Work collaboratively in assigned groups to solve given problems.
Presentation: A representative from each group presents their solutions and explanations to the class.
Independent Practice: Attempt the guided practice questions individually or in pairs. --- These practice questions are designed to reinforce understanding and build confidence. The teacher should guide students through these, providing immediate feedback.
Question 1 (Taxes): Mrs. Adeola's annual income is N960,
0
0
0. If she pays an income tax of 4% of her annual income, how much tax does she pay in a year?
Solution 1: Step 1: Identify annual income = N960,000 Step 2: Identify tax rate = 4% Step 3: Calculate tax amount: Tax = 4% of N960,000 Tax = (4/100) * N960,000 Tax = 0.04 * N960,000 Tax = N38,400 Answer: Mrs. Adeola pays N38,400 as income tax annually.
Commentary: This problem directly assesses the ability to calculate a percentage of a given amount, representing income tax.
Question 2 (VAT and Rates): A new mobile phone costs N120,000. (a) Calculate the VAT payable at 7.5%. (b) What is the total cost of the phone? (c) If the shop where the phone was bought pays an annual business premises rate of N12,000, and this rate is paid quarterly, how much is paid each quarter?
Solution 2: (a)
Calculate VAT: Cost of phone = N120,000 VAT rate = 7.5% VAT amount = 7.5% of N120,000 VAT = (7.5/100) N120,000 VAT = 0.075 N120,000 VAT = N9,000 (b)
Total cost of phone: Total Cost = Cost of phone + VAT Total Cost = N120,000 + N9,000 Total Cost = N129,000 (c)
Quarterly business premises rate: Annual rate = N12,000 Number of quarters in a year = 4 Quarterly payment = Annual Rate / 4 Quarterly payment = N12,000 / 4 Quarterly payment = N3,000 Answer: (a) VAT is N9,000. (b) Total cost of phone is N129,000. (c) N3,000 is paid each quarter.
Commentary: This question integrates VAT calculation with a simple division problem related to rates, demonstrating practical application of different financial concepts.
Question 3 (Shares and Dividends): Mr. Okoro bought 2,000 shares of a company at N8.75 per share. One year later, the company declared a dividend of N0.50 per share. (a) How much did Mr. Okoro invest in the shares? (b) How much dividend did Mr. Okoro receive?
Solution 3: (a)
Investment in shares: Number of shares = 2,000 Price per share = N8.75 Total Investment = Number of shares Price per share Total Investment = 2,000 N8.75 Total Investment = N17,500 (b)
Dividend received: Dividend per share = N0.50 Number of shares = 2,000 Total Dividend = Dividend per share Number of shares Total Dividend = N0.50 2,000 Total Dividend = N1,000 Answer: (a) Mr. Okoro invested N17,500. (b) Mr. Okoro received N1,000 as dividend.
Commentary: This problem assesses the ability to calculate both the initial investment in shares and the subsequent earnings from dividends. Question 4 (Quantitative Aptitude - Combined): A company made a profit of N250,
0
0
0. It paid 8% of its profit as company income tax and distributed N75,000 as dividends to its shareholders. What percentage of the profit was distributed as dividends?
Solution 4: Step 1: Identify total profit = N250,000 Step 2: Identify amount distributed as dividends = N75,000 Step 3: Calculate the percentage of profit distributed as dividends: Percentage = (Amount distributed as dividends / Total profit) * 100% Percentage = (N75,000 / N250,000) * 100% Percentage = 0.3 * 100% Percentage = 30% Answer: 30% of the profit was distributed as dividends. (The 8% company income tax is distracter information for this specific question, but highlights the different uses of profit).
Commentary: This quantitative aptitude problem requires students to extract relevant information and apply percentage calculation in a real-world financial context. ---
Funding Public Services: Students will understand that the taxes and rates collected by government (federal, state, and local) are crucial for funding essential public services like building and maintaining roads, providing healthcare facilities, establishing schools, ensuring security through the police and military, and funding agricultural support programs. This knowledge fosters a sense of civic responsibility and appreciation for government efforts.
Financial Literacy and Investment: The concepts of shares and dividends introduce students to the basics of investment and wealth creation. This prepares them to understand how companies raise money and how individuals can become part-owners of successful businesses, potentially earning income from their investments in the future. It encourages thinking about savings and future financial planning within the Nigerian economic landscape.
Consumer Awareness and Budgeting: Understanding VAT helps students to be informed consumers, recognizing that the price they pay for goods and services often includes an additional tax component. Knowing about tenement rates helps in understanding rental costs or property ownership responsibilities, providing practical knowledge for future budgeting and financial decisions within a Nigerian household. ---