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WAEC Syllabus for Commerce

WAEC Syllabus for Commerce. WAEC Syllabus for Commerce is available for all candidates who want to participate in the examination. The West African examination council (WAEC) has officially introduced a syllabus that will guide all the WAEC candidates who wish to write the WAEC examination this year. For a very successful WAEC Commerce examination for this year, you need to check out the available areas of concentration. It has been divided into sections with chapters, followed by the topics to be covered in preparation for the exams. In the WAEC Syllabus for Commerce, you will also see the format of how the WAEC Commerce questions will be presented. Jamb form 

There are 2 sections to answer questions from. Paper 1 is Objective questions and paper 2 is contains essay questions. Where paper one (1) carries 50 minutes for 50 marks; paper two (2) carries 2 hours for 100 marks.

WAEC Syllabus for Commerce

This WAEC syllabus is for both the O’level WAEC and General Certificate Examination (GCE) candidates. Final year students in the senior secondary school level and external candidates are eligible to make use of this syllabus and prepare ahead of the examination. WAEC Syllabus for Commerce

See the full detailed information concerning the WAEC Commerce Syllabus below.

SCHEME OF EXAMINATION:

There will be two papers, Paper I and Paper 2, both of which will constitute a composite paper to be taken at one sitting.

PAPER  I:      Will consist of fifty multiple-choice questions to be answered in 50 minutes for 50 marks.

PAPER  II:    Will consist of eight essay-type questions out of which candidates will be required to answer any five within 2 hours for 100 marks.  Jamb Result

.        DETAILED SYLLABUS

S/NO CONTENTS NOTES
1. INTRODUCTION i.              Definition of Commerce and E-Commerce

ii.            History/Background of Commerce

iii.          Scope of Commerce and E-Commerce

iv.          Functions of Commerce and E-Commerce

2. OCCUPATION i.                 Meaning of Occupation

ii.               Types;- Industrial, Commercial, Service Occupation

iii.             Factors that determine types of occupation/employment

Career Opportunities  Dollar to Naira Rate

3. PRODUCTION i.              Meaning

ii.            Factors – land, labour, capital and entrepreneurship

iii.          Types:- Primary, Secondary and Tertiary production

iv.          Division of labour/specialization

–       meaning

–       types

–       advantages and disadvantages,

–       limitation

v.            Inter-relationship between production and exchange

4. BUSINESS UNITS i.                 Meaning and objectives of business

ii.               Forms of business units

—    Sole proprietorship,

—   Partnership,

—   Co-operative Societies,

—   Credit Union and Thrift Societies,

—   Public enterprises,

—   Companies –

iii.             Types, Formation, characteristics, comparison, advantages and disadvantages

iv.             Sources of capital of each forms of business

v.               Meaning and purpose of

–   Amalgamations,

–   Mergers and acquisitions

–   Trust,

–   Holding companies and Subsidiaries

–   Consortium and Cartel

vi.             Dissolution/Liquidation of Companies/Partnership.

5. TRADE ASSOCIATIONS Aims and functions of

i.                 Trade Association

ii.               Chamber of Commerce, Employers Association

iii.             Consumer Association/Consumerism

6. BUSINESS CAPITAL AND PROFITS i.              Meaning and types – Authorized/Registered/Normal capital, called-up, paid-up capital, capital owned, liquid/circulating capital

ii.            Credit – Meaning, Sources, Instrument and Functions

iii.          Calculation of working capital, the Importance of working capital

iv.          Profits – Meaning, types and calculation of profit

v.            Turnover – Meaning, calculations and factors affecting turnover.

7. TRADE

(a)    HOME TRADE

      Purpose and branches of trade –

Home Trade and Foreign Trade – Meaning and Differences

i.              Retail trade:

Functions of retailer

–       Factors to consider in starting a retail business

–       Reasons for success/failure of retail business.

ii.            Small scale and large scale retailing –

Types of Retail Outlets,

–       Unit shops, Stalls, Hawkers, Kiosks, Mobile shops, Supermarket, Chain Stores, Department Stores, Shopping malls, Hypermarkets and Mail Order business

The main characteristics of each.

–       Advantages and disadvantages.

–       Modern trends in retailing – branding, self service, Vouchers. Vending machines, credit cards.

iii.          Wholesale trade – Functions of Wholesalers Types of Wholesalers. Factors. Merchant and agent Wholesalers

iv.          Factor making for elimination and survival of middlemen

v.            Channel of Distribution:

Meaning, Types.

Factors for choice of Channel

(b)    FOREIGN TRADE i.     Meaning –

Types: Import, export and entreport

ii     Basic concept in International trade – terms of trade, balance of trade, balance of payment -favourable, unfavorable, visible and invisible items, bilateral and multilateral agreements and counter trade

iv.               Advantages and Disadvantages

v.                 Barriers to Foreign trade –

vi.               Tariffs –

Meaning

Reason for tariffs,

vii.             Functions of port and Airports Authorities, Customs and Excise Authority and Shipping Clearing and forwarding Agents. Exports Promotion Council.

8 PURCHASE AND SALE OF GOODS IN HOME AND FOREIGN TRADE i.                 Procedure and documents used in business – Order, Indent, Consular Invoice, Ordinary Invoice, Credit/Debit notes, Proforma Invoice, Letter of hypothecation, documentary credit, certificate of origin, certificate of inspection, insurance certificate.

ii.               Price Quotation – Trade discount, Cash discount, Quantity discount, COD, CWO, CIF, FOB, E & OE, Ex-works, LOCO, FAS, FOR and Franco

iii.             Terms of Payment: Cash/Spot Payment, Purchase and deferred payment.

iv.             Means of payment – Legal tender – (bank notes and coins), cheques, standing order, bank draft, stamps, postal orders, money orders, bills of exchange and promissory Note, mail transfer, traveler’s cheques, telegraphic transfer. Epayment

9.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10.

FINANCE AND FINANCIAL INSTITUTIONS

A.   MONEY

 

 

 

B.   BANKS

 

 

 

 

 

 

 

 

 

 

 

C.  INSURANCE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

D. CAPITAL MARKET

 

 

 

 

 

 

 

 

E. STOCK EXCHANGE

(first tier)

 

 

 

 

F. COMMODITY EXCHANGE

 

 

 

 

 

 

 

TRANSPORT, TOURISM, COMMUNICATION and WAREHOUSING

A. TRANSPORT,

 

 

 

 

 

 

 

 

 

 

 

B. TOURISM

 

C  COMMUNICATION

 

 

 

 

 

 

 

 

 

 

 

D. WAREHOUSING

i.    Meaning

ii.   Evolution/History

iii.   Forms

iv.   Qualities and functions.

i.                    Types of Banks – Central Bank, Commercial Banks and other specialized banks e.g. Development Bank, Mortgage Bank, Building Society, Micro finance institutions, – their features and Functions.

Bureau-de-change (Meaning and Functions)

ii.                  E. Banking –

Meaning,

forms – ATM, Money transfer –

E Payment – online transfer

iii.   Types of Accounts:  Current, Savings and Fixed Deposit Account – Their main features

i.                    Meaning and basic principles –

utmost good faith, insurable interest, indemnity and subrogation, Contribution and proximate cause

ii.   Types of Insurance

a.   life Insurance

–   Whole life Assurance

–   Endowment

b.   Non life Insurance

–   Motor vehicle

–   Fire

–   Fidelity

–   Burglary/Robbery/Theft

–   Accidents

–   Consequential Loss

–   Marine

c.   Types of Risk

i.    Insurable Risk e.g. fundamental risks

–   Pure risk

–   Particular risk

 

ii.   Uninsurable risk

–   speculative risk

d.   Importance of Insurance to business and individual.

e.   Procedure for taking an Insurance Policy.

f.    Underwriting – meaning

g.   Re-insurance  – Meaning and purpose

i.    Meaning

ii.   Functions

iii.   Methods of raising funds by companies – offer for sale, offer for subscription, rights issue, private placement, issue by tender

Second-tier Security market

i.    meaning and functions

ii.   Advantages to Companies/Public

iii.   Requirement for listing

i. Meaning and functions,

ii.   Importance

iii.   Transactions on the stock exchange

iv.   Speculators – Meaning and Types

v.               Types of Security – Shares, Stock, Bond gilt edge, debentures/Convertible loans

i.    Meaning

ii.   Types of tradable commodities

iii.   Requirements for trading – Grading, Standardizing, Warehousing, Clearing system

iv.   Method of Trading – open outcry and electronic mechanisms

v.   Benefit of Commodity exchange

 

 

 

 

(i)          Meaning

(ii)        Importance

(iii)       Choice of transport

(iv)       Forms

(a)   Land

(b)   Water

(c)   Air

(d)   Pipeline

(v)    Advantages and disadvantages of each form

(vi)   Documents – Waybills, Consignment note, tickets and manifest

(i)                 Meaning

(ii)               Advantages and disadvantages

(i)            Meaning

(ii)          Types – Oral. Written, Visual, Non-verbal, Non-visual, Traditional,

(iii)         Advantages and Disadvantages

(iv)         Importance and services of Post Office

(v)          Courier Agencies and other communication agencies – Telephone system, satellite services, internet- E-mail

(vi)    Computer Appreciation

–  meaning,

–  component parts,

–  advantages and disadvantages.

(i)                 Meaning

(ii)               Importance

(iii)             Functions

(iv)             Types

(v)               Advantages

11. ADVERTISING

 

(i)                 Meaning

(ii)               Roles, advantages and disadvantages

 

(iii)             Types – informative, persuasive, Competitive, mass/specific

(iv)             Methods – direct and indirect

(v)               Media-  meaning, choice and types

12 INTRODUCTION TO MARKETING

 

A.  MARKETING

 

 

 

 

 

B.  Marketing Concept

 

 

 

 

 

 

 

 

 

C.  Customer Services

 

 

D. Sales Promotion

 

 

 

(i)      Meaning

(ii)     Importance

(iii)          Functions

(iv)          Differences between market and marketing, market and marketing research.

 

The Marketing mix 4ps

(i)                 Meaning

(ii)               Components

–       Products,

–       price,

–       place and

–       promotion

(i)       Meaning

(ii)Importance

 

Types – Pre and after-sales services

(i)   Meaning

(ii)Methods

Trade fairs, exhibitions, gifts, demonstration

Personal Selling

Meaning

Importance Waec Result

13. LEGAL ASPECT OF BUSINESS

 

Areas of law that relate to Business

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consumer Protection

(i)   Contract

–  Meaning –

–  Elements of a valid contract

–  Discharge of a contract

(ii)    Agency

–       Meaning

–       Creation

–       Duties and responsibilities of principals and agents

–       Termination

(iii)       Sales of goods Act

(iv)       Hire Purchase Act

(v)         Rights and Obligations of Employer and Employee

(vi)       Government regulation of Business – patents, copyright. Trademark

(vii)     Registration of Business

–    Meaning and uses

(i)   Meaning

(ii)  Need for protection

(iii)       Means of protection

(iv)       Consumerism

Meaning

Means, Instrument of protection

Government Legislation – food and drugs Act standard organization Act –    Price Control Act –    Factory, Shops and Offices Act – Product quality

14. Government policies relating to business

A. Commercialsation

B. Privatisation

C. Deregulation

 

 

(i)              Meaning and Reasons

(ii)            Advantages and disadvantages

(iii)   Comparison/differences

15. INTRODUCTION TO BUSINESS

MANAGEMENT

i.    Meaning

ii.   Objectives of business

iii.   Meaning of Business Management

iv.   Functions

v.   Business Resources

– Man, Money, Materials Opportunities/Goodwill

vi.   Structure of Business organizational setup

Organisational chart, Departments, Functions

of each, Authority, Delegation of Authority

–   Responsibility Span of Control

Meanings

vii.   Business and its environment Economical

–     Political Competition Technological etc

viii.   Social responsibility of Business to the Society

ix.    Importance of Inter and Intra departmental

communications

16. ECONOMIC GROUPINGS

A.    ECOWAS

B    NIGERBASIN      .

COMMISSION (NBC)

C.   LAKECHADBASIN

COMMISSION (LCBC)

D.   MANO-RIVER UNION

E.   EUROPEAN UNION

F.   WEST AFRICAN CLEARING HOUSE

i.   History

ii.  Membership

iii.  Objectives

iv.  Achievements

v.  Problems/Obstacles

 

 RECOMMENDED TEXTBOOKS

  1. Senior Secondary Commerce, Book One, two and three by M. O. Odedokun, P. C. Udokogu and C. O. N. Oguji.
  2. Basic Marketing- McCarthy Jerome, E. , William Perreault Jr. Npower Recruitment
  • Marketing – G. B. Giles ( The M & E handbook services)
  1. Consumer Behaviour – Prof. Achumba ( University of Lagos

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