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 50marks.

PAPER 2:

Will consist of eight essay type questions out of which candidates will be requiredto answer any five within 2 hours for 100 marks.


DETAILED SYLLABUS

S/NoCONTENTSNOTES

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, ServiceOccupation

iii. Factors that determine types of occupation /employmentCareer Opportunities

3.

PRODUCTION

i. Meaning

ii. Factors – land, labour, capital andentrepreneurship

iii. Types:- Primary, Secondary and Tertiaryproduction

iv. Division of labour/specialization

- meaning
- types
- advantages and disadvantages,
- limitation

v. Inter-relationship between production andexchange

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 ANDPROFITS

i. Meaning and types -

Authorized/Registered/Normal capital, called-up,paid-up capital, capital owned, liquid/circulatingcapital

ii. Credit - Meaning, Sources, Instrument andFunctions

iii. Calculation of working capital, the Importance ofworking capital

iv. Profits - Meaning, types and calculation of profit

v. Turnover - Meaning, calculations and factorsaffecting turnover.

7(i).

TRADE
(a) HOME TRADE

Purpose and branches of trade –

Home Trade and Foreign Trade – Meaning andDifferences

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, Mobileshops, Supermarket, Chain Stores, DepartmentStores, Shopping malls, Hypermarkets andMail Order business

The main characteristics of each.

- Advantages and disadvantages.

- Modern trends in retailing – branding, selfservice, Vouchers. Vending machines, creditcards.

iii. Wholesale trade - Functions of Wholesalers Types of Wholesalers. Factors. Merchant and agentWholesalers

iv. Factor making for elimination and survival ofmiddlemen

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, bilateraland multilateral agreements and counter tradeiv. 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. Exportspromotion Council.

8.

PURCHASE AND SALEOF 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 ofhypothecation, documentary credit, certificate oforigin, certificate of inspection, insurancecertificate.

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, Purchaseand deferred payment.

iv. Means of payment - Legal tender – (bank notesand coins), cheques, standing order, bank draft,stamps, postal-orders, money orders, bills ofexchange and promissory Note, mail transfer,traveller’s cheques, telegraphic transfer. E-payment

9(i).

FINANCE ANDFINANCIAL INSTITUTIONS
A. MONEY

i. Meaning

ii. Evolution/History

iii. Forms

iv. Qualities and functions.

9(ii).

B. BANK

i. Types of Banks - Central Bank, CommercialBanks and other specialized banks e.g.Development Bank, Mortgage Bank, BuildingSociety, Micro finance institutions, - theirfeatures 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 FixedDeposit Account - Their main features

9(iii).

C. INSURANCE

i. Meaning and basic principles –

utmost good faith, insurable interest, indemnityand subrogation, Contribution and proximatecause

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
(first tier)

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. COMMODITYEXCHANGE

i. Meaning

ii. Types of tradable commodities

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

iv. Method of Trading - open outcry and electronicmechanisms

v. Benefit of Commodity exchange

10(i).

TRANSPORT, TOURISM,COMMUNICATION AND WAREHOUSING
A. TRANSPORT,

(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, ticketsand manifest

We provide educational resources/materials, curriculum guide, syllabus, scheme of work, lesson note & plan, waec, jamb, O-level & advance level GCE lessons/tutorial classes, on various topics, subjects, career, disciplines & department etc. for all the Class of Learners

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 communicationagencies – 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 TOMARKETING
A. 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 OFBUSINESS(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 andagents

- 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 standardorganization Act
- Price Control Act
- Factory, Shopsand Offices Act
– Product quality

14.

Government policies relatingto business

A. Commercialsation

B. Privatisation

C. Deregulation

(i) Meaning and Reasons

(ii) Advantages and disadvantages

(iii) Comparison/differences

15.

INTRODUCTION TOBUSINESS
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, Functionsof 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 departmentalcommunications

16.

ECONOMIC GROUPINGSA. ECOWAS

B NIGER BASIN
COMMISSION (NBC)

C. LAKE CHAD BASIN
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

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

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We provide educational resources/materials, curriculum guide, syllabus, scheme of work, lesson note & plan, waec, jamb, O-level & advance level GCE lessons/tutorial classes, on various topics, subjects, career, disciplines & department etc. for all the Class of Learners