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Class VI ppts based on Financial Education workbook

Class VI ppts

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Class VI ppts based on Financial Education workbook

  1. 1. Financial Education Class VI A Section 8 (Not for Profit) Company
  2. 2. Contents 1. History • Barter System • Evolution of Money 1. Civics • Needs and Wants • Bill/ Cash Memo 1. Geography • Trade • Benefits of Trade 4. English • Radha and the Frog • Grandfather’s Coins 4. Mathematics • Taxation • Nurturing the Money Plant
  3. 3. Barter System  The exchange of goods and services by one person in return for goods and services from another person is called barter system.  This system existed when there was no money.  Difficulties existed under the barter system; like double coincidence of wants.
  4. 4. Evolution of Money  People were engaged in barter.  The goods to be exchanged were not necessarily of the same value.  It was also difficult to store goods, particularly perishable ones like fish.  The discovery of metal solved many of these difficulties and it begun to be used as money.
  5. 5. Long evolution process  Small metal pieces, with fixed weight and value and bearing an official seal appeared in 6th century B.C.  Predominantly gold and silver were used to mint coins.  During the Mauryan period copper was also used to mint coins.  King Sher Shah Suri issued a silver coin and termed it as ‘Rupiya’. The word is said to be derived from the Sanskrit word ‘Rupya’ which means a coin of silver.
  6. 6. Rupee as we see today  The earliest issue of rupee in the form of paper currency was by the Bank of Hindustan.  After independence, followed by accession of princely states to the new union, Reserve Bank of India issued Indian National Rupee (INR) notes on behalf of the Government.  Indian rupee now has a universally recognized symbol since the year 2010.
  7. 7. Symbol: Major Currencies
  8. 8. Needs and Wants  Needs are things that we must have in order to survive - things we truly can’t be without.  Wants, on the other hand, are things that we would like to have, but that are not necessary for survival.  Some needs and wants don’t cost any money at all: like air. Many needs and wants, however, cost money.  You should cater to your needs first, before you can buy the things you want.
  9. 9. Ask for a bill  A bill offers protection and benefits to both buyer and seller.  If you don’t have the bill and the item you have purchased turns out to be faulty, you lose the right to complain.  Some shopkeepers on their own won’t insist on giving you a bill as they want to avoid paying taxes.  Every time you make a purchase or make any payments ask for a bill.
  10. 10. What is Trade?  Transfer of goods and services from one person or entity to another in exchange for something is called trade.  Broadly, there are two types:  Domestic trade  Foreign trade  Trade within the geographical boundary of a country is called domestic trade.  Foreign trade happens between two or more countries.
  11. 11. Benefits of trade  Opportunity for trade arises because:  A country can produce goods at a lesser cost than the other.  Also, a country can produce goods which the other country is unable to produce.  In our country, Punjab is known for wheat farming where as Kerala predominantly produces rice.  Farmers in both these states have developed expertise in their area of farming.  If Kerala needs wheat, instead of doing wheat farming it can buy wheat from Punjab or can exchange it with rice.
  12. 12. Importance of saving  In simple terms, savings is not spending money.  Put aside a part of the money you have now for future.  You don’t need a large amount to start saving.  Put a little money aside regularly and it will grow.  You must spend less to save more.  Saving will help you meet unexpected money requirements in future.  You can also set a goal and save for it, like buying your favorite book or toy.
  13. 13. Types of taxes  Tax is a fee charged by the government on income or price of a good.  If tax is charged on income it is called direct tax and if it charged on the price of goods and services its known as indirect tax.  Have you wondered from where government gets money to spend on building roads and bridges, parks, schools, hospitals, etc.?
  14. 14. Why do we need to pay taxes?  Our government has the responsibility to improve the standard of living of our citizens.  They need money to build roads, hospitals, parks and bridges etc. in our country.  Taxation generates this revenue which is used for all the above mentioned purposes.  By paying taxes responsible citizens help their country grow and develop.
  15. 15. Thank You Email : ncfe@nism.ac.in Call : 022 6673 4600-01 Like : facebook.com/ncfeindia Follow : twitter.com/ncfeindia Share : youtube.com/ncfeindia