COMMERCE
WAEC SYLLABUS ON COMMERCE
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 1:
Will consist of fifty multiple choice questions to be answered in 50 minutes for 50 marks.
PAPER 2:
Will consist of eight essay type questions out of which candidates will be required to answer any five within 2 hours for 100 marks.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 |
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(i). |
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 |
7(ii). |
(b) FOREIGN TRADE |
i. Meaning - Types: Import, export and entreport ii Basic concept in International trade - terms of trade, iii. balance of trade, balance of payment -favourable, unfavourable, 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, traveller’s cheques, telegraphic transfer. E-payment |
9(i). |
FINANCE AND
FINANCIAL INSTITUTIONS |
i. Meaning ii. Evolution/History iii. Forms iv. Qualities and functions. |
9(ii). |
B. BANK |
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 |
9(iii). |
C. INSURANCE |
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 |
9(iv). |
D. CAPITAL MARKET |
Second tier Security market i. meaning and functions ii. Advantages to Companies/Public iii. Requirement for listing |
9(v). |
E. STOCK EXCHANGE |
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 |
9(vi). |
F. COMMODITY EXCHANGE |
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 |
10(i). |
TRANSPORT, TOURISM,
COMMUNICATION AND WAREHOUSING |
(i) Meaning (ii) Importance (iii) Choice of transport (iv) Forms (a) Land (b) Water (c) Air (d) Pipeline (v) Advantages and disadvantage of each form (vi) Documents - Waybills, Consignment note, tickets and manifest |
10(ii). |
B. TOURISM, |
(i) Meaning (ii) Advantages and disadvantages |
10(iii). |
C COMMUNICATION, |
(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. |
10(iv). |
D. WAREHOUSING |
(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(i). |
INTRODUCTION TO
MARKETING |
(i) Meaning (ii) Importance (iii) Functions (iv) Differences between market and marketing, market and marketing research. |
12(ii). |
B. Marketing Concept |
The Marketing mix 4ps (i) Meaning (ii) Components - Products, - price, - place and - promotion (i) Meaning (ii) Importance |
12(iii). |
C. Customer Services |
Types – Pre and after sales services (i) Meaning (ii) Methods Trade fairs, exhibitions, gifts, demonstration Personal Selling |
12(iv). |
D. Sales Promotion |
Meaning Importance |
13(i). |
LEGAL ASPECT OF BUSINESS(A) Areas of law that relate to Business |
(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. Trade mark (vii) Registration of Business - Meaning and uses |
13(ii). |
(B) Consumer Protection |
(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 |
(i) Meaning and Reasons (ii) Advantages and disadvantages (iii) Comparison/differences |
15. |
INTRODUCTION TO
BUSINESS |
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 |
i. History ii. Membership iii. Objectives iv. Achievements v. Problems/Obstacles |
RECOMMENDED TEXTBOOKS
i. Senior Secondary Commerce, Book One, two and three by M. O. Odedokun, P. C.Udokogu and C. O. N. Oguji.
ii. Basic Marketing- McCarthy Jerome, E. , William Perreault Jr.
iii. Marketing – G. B. Giles ( The M & E hand book services)
iv. Consumer Behaviour – Prof. Achumba ( University of Lagos