in time chapter, we learn about calendars, clock, years, months, weeks, days,hours etc. Time is important chapter because it helps to tell time on clocks and to tell which day,date or year is it and because without time there is no existence anywhere even in the universe. And that is why, time is important and we should never waste it.
In fraction chapter, we learn about like, unlike, equivalent, proper and improper fractions. Fractions represent the parts of a whole thing. A fraction has many parts.