STORE MANAGEMENT
WAEC SYLLABUS ON STORE MANAGEMENT
PREAMBLE
The syllabus is designed to assess the candidates’ basic knowledge of storemanagement, customer’s satisfaction and the understanding of entrepreneurial skill inmanaging a small or big store.AIM AND OBJECTIVES
The examination therefore intends to test candidates(i) understanding of the rudiments of running a store and entrepreneurial skill.
(ii) understanding of the concepts of wholesaling and retailing, basic businessdocuments and how to handle business finance.
(iii) ability to relate concepts learnt to control stock, keep records and managebusiness risk.
SCHEME OF EXAMINATION
There will be two papers, Paper 1 and Paper 2 which will be combined in a composite paperand taken at one sitting.Paper 1:
Will consist of fifty multiple‐choice questions which will last for 1hour and carry50 marks.Paper 2:
Will consist of seven essay questions out of which candidates will be required toanswer any five in 2 hours for 100 marks.DETAILED SYLLABUS
| S/N | TOPICS | NOTES |
|---|---|---|
| 1. | Introduction to StoreManagement | 1.1 Store Management: (i) Meaning of store management; (ii) Importance of store management; (iii) Functions of a store manager; (iv) Characteristics of a store manager; (v) Customer services: ‐ pre sale services ‐ after sale services 1.2 Functions of Management: (i) Planning; (ii) Organization; (iii) Leading; (iv) Staffing; (v) Controlling. 1.3 Factors to be considered in establishing a store – Market,Finance, types of stock, transport, accessibility, security,government regulation and personel. |
| 2. | Concepts of retailingand wholesaling. | 2.1 Retailing: (i) Definition; (ii) Functions of a retailer; 2.2 Wholesaling: (i) Definition; (ii) Functions of a wholesaler; 2.3 Warehousing; ‐ Meaning of warehousing ‐ types of warehousing; ‐ importance of warehousing; 2.4 Transportation: ‐ definition; ‐ means of transportation; ‐ advantages and disadvantages of each means oftransportation; ‐ factors that will determine the choice of transport. |
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| 3. | Stock Control | 3.1 Introduction to Stock Control: (i) Meaning of stock control; (ii) Importance of stock control; (iii) Types of stock records‐Stock list, Bin card/ StoreCard, Store requisition form and Delivery notes. 3.2 Methods of Stock Control: (i) Manual method; ‐ Periodic, perpetual and annual stock taking. (ii) Computerized method; (iii) Levels of stock control; ‐ maximum level. ‐ minimum level. ‐ reorder level. (iv) Issuing of stock: ‐ FIFO and LIFO. 3.3 Pricing: (i) Definition of pricing; (ii) Types of pricing; ‐ skimming ‐ mark‐up ‐ mark‐down ‐ penetration ‐ below or above mark pricing |
| 4. | Organizational policy | 4.1 Organizational Policy: (i) Definition; (ii) Employment policy; (iii) Decision; ‐ customer services ‐ public relations 4.2 Organizational Standards: (i) Definition of standards; (ii) Productivity standards; (iii) Standard for customer’s satisfaction. 4.3 Organizational Culture: (i) Definition of culture; (ii) Explanation of organizational culture; ‐ attitude to customers ‐ relationship with co‐workers ‐ relationship with the Boss ‐ dress code |
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| 5. | BusinessCommunication | 5.1 Overview of Communication: (i) Definition of communication; (ii) Types of communication; ‐ oral, written and non‐verbal. (iii) Business documents; ‐ letters, memos, reports and circulars. 5.2 Electronic Communication: (i) Definition of communication; (ii) Means of communication ‐ fax, telephone, email, radio messages. (iii) Word Processing – Using computer to write businessletter. |
| 6. | Business Law | 6.1 Overview of Basic Business Law: ‐ definition. 6.2 Law of contract: ‐ elements of contract. ‐ Rights and obligations of employer and employee. 6.3 Agency: (i) Definition; (ii) Types of agents; (iii) Creation of agency; Rights and obligations of principals/agents 6.4 Sale of Goods Act: (i) Contract of sale; (ii) Formalities of sale; 6.5 Government Regulation of Business: Meaning and uses of : (i) Patent right; (ii) Copy right; (iii) Trade mark. (i) Health and Safety at Work Act. (ii) Consumer protection agency (iii) License 6.6 Government Regulatory Agencies: ‐ NAFDAC, NDLEA, SON |
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| 7. | Record Keeping | 7.1 Documentation: (i) Definition of filing and indexing; (ii) Rules of filing; (iii) Filing and indexing method. 7.2 Source document: (i) Meaning; (ii) Types. ‐ Invoice, receipts, cheques, vouchers 7.3 Trade Documents: (i) Documents used in foreign trade; Bills of Lading, Certificate of Origin, Consular invoice,Insurance certificate, inspection certificate, Bill of Exchange,Indent, Letter of Credit, Proforma invoice (ii) Documents used in home trade.Order, Enquiry, Waybill, Consignment note, Manifest, invoice,proforma invoice Receipts, Credit and Debit note, Vouchers |
| 8. | Book Keeping | 8.1 Subsidiary Books. ‐ Meaning, Types, Uses, Purchase and Sales day book,Returns outwards/inwards books, Cash books. 8.2 Imprest System: (i) Definition and description of the imprest system; (ii) Preparation of petty cash book. 8.3 Final Accounts: (i) Definition and purpose; (iii) Simple Trading, Profit and Loss Account and Balancesheet. 8.4 Sales / Turnover: (i) Meaning; (ii) Calculation of rate of sales turnover. |
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| 9. | Risk Management | Risk Management: (i) Definition; (ii) Methods of risk management. ‐ Sound management practices ‐ Reduction of risks – optimum stock level ‐ Hedging Risk transfer through insurance |
| 10. | Handling Finances ofthe Store | 10.1 Investments: 10.1 Investments: Meaning (i) Capital Investment: ‐ Meaning ‐ investment in capital market; ‐ functions of Stock Exchange; ‐ advantages of share holding. (iii) Money market instruments: ‐ Meaning ‐ treasury bill; ‐ commercial papers; ‐ bonds, 10.2 Taxation: (i) Meaning of tax; (ii) Importance of tax; (iv) Types of tax. Income tax, Import duties, excise duties, VAT |