WAEC Syllabus for Business Management

   MANAGEMENT 

1.1  Meaning and Process of

Management

1.2  Forms of Business

Organization

1.3  Business and Society

  2.  FUNCTIONS OF   

      MANAGEMENT

2.1 Planning and Decision

Making

1.1.1  Meaning of   Management and

administration

1.1.2    Basic Functions of                                        Management

1.1.3    Levels of Management

1.1.4   Types and Roles of Managers                    1.1.5    Difference between Administration

and Management

1.2.1   Meaning of Business  Organization

1.2.2.  Identification of Major Forms:   (Sole

Proprietorship, Partnership,                            (Sole Proprietorship,

Limited Liability Company,  Public

orations,  Co-operative society)                                                                                     Co-operative society)                                                 Company,  Public orations,                                        Co-operative society)

1.2.3.  Procedures for the

formations/Characteristics,

advantages and disadvantages of each

form.

1.2.4  Causes of business failure.

1.3.1  Meaning of Business Environment

Business Environment,                                   Business Environment,                                             Environment                                                             Business Environment,

1.3.2  Forces in the Businesses Environment                                                                          Environment

1.3.3  Ethical, legal and social

responsibilities of Businesses.                        responsibilities of Businesses.

1.3.4  Primary and Secondary stakeholders –

meaning and  differences.

1.3.5 Responsibilities of businesses towards

2.1.1 Meaning and importance of planning                                                                             of planning

2.1.2  Steps in planning, Types                                 of planning, Limitations to                                       planning

.2.1.3 Meaning and of planning, Limitations

to planning

2.1.3 Meaning and importance of decision

making.                                                           importance of decision making.                                                                     planning importance of decision making.                                                                    stakeholders.                                                          businesses towards stakeholders.                                                                                                                                                                                                                                          1.

2.2   Organizing

2.3  Directing

2.4  Controlling

2.1.5   Types of (Programmed and Non-

programmed) decisions.                               Non-programmed)  decisions.                                 making process.                                                                                                                      2.1.5 Types of (Programmed and                            Non-programmed)  decisions.

2.1.6   Levels of  management decisions.

2.2.1 Meaning, importance and activities of

organizing

2.2.2 Principles of organizing,

Organizational structure and

Organizational chart

2.2.3 Centralization and decentralization-

meaning differences, advantages and

disadvantages.

2.2.4 Meaning and benefits of delegation.

2.2.5 Reasons why managers do not delegate

2.2.6 Reasons why subordinates do not

accept Delegation

2.2.7  Guidelines for delegation

2.3.1  Meaning and elements of directing

2.3.2  Motivation – meaning, intrinsic and

extrinsic factors

2.3.3  Maslow’s Hierarchy of Needs.

2.3.4   Leadership importance of  good

leadership.

2.3.5  Leadership styles and Sources of

power available to leaders.

2.3.6  Communication –meaning,

importance,

channel formal and informal

2.3.7   The Communication process

2.3.8   Barriers to communication

2.3.9   Guidelines to effective

communication

2.4.1  Meaning and reasons for controlling

2.4.2   Steps in controlling.

2.4.3  Tools for controlling

          INFORMATION     

          TECHNOLOGY

4.      LEGAL ENVIRONMENT

        OF BUSINESS

        4.1    Law of Contract

4.2    Principles of Agency

4.3  Negotiable Instruments

5.           FINANCE AND                                                                    

         FINANCIAL

         INSTITUTIONS

        5.1    Money

5.2   Banking

3.2   Data and information, meaning,

differences;

and sources of   business information

3.3   Functions of the computer

3.4  Applications of computers in Business

3.5  Advantages and challenges of the use of

Computers in business

4.1.1. Meaning and elements of contract

4.1.2  Classification of contracts

4.1.3   Vitiating factors (Void and Voidable

contracts)

4.1.4    Ways of discharging a contract

4.2.1 Creation of agency

4.2.2 Rights and duties of a principal

4.2.3 Rights and duties of an agent

4.2.4 Termination of agency

4.3.1 Meaning and characteristics of

negotiable instruments

4.3.2 Types of negotiable instruments

(Cheques; Bills of exchange;

Promissory  notes)

4.3.3  Cheques: Class, types, advantages,

disadvantages and ways of  avoiding

cheque frauds.

5.1.1 Meaning and characteristics of money                                                                             characteristics of money

5.1.2 Functions of money

5.1.3 Meaning and causes of  inflation

5.2.1  Types of banks

5.2.2  Functions of the Central bank

5.2.3  Functions of commercial and other

types of banks

5.2.4 Types of bank accounts.

5.2.5 Tools of monetary control

and Insurance

5.4    Stock Exchange

6.   ROLE OF GOVERNMENT  IN THE ECONOMY

7.    INTERNATIONAL         

       TRADAND PROBLEMS

       OF DEVELOPING   

       ECONOMIES   

       7.1 International Trade

5.3.2 Types of business risks

5.3.3 Meaning and importance of insurance

5.3.4  Principles of insurance

5.3.5 Types of insurance and insurance

Policies

5.4.1 Meaning and functions

5.4.2 Types of securities

6.1   Role  of government in an economy

6.2   Sources and types of government

revenue

6.3   Purpose of taxation

6.4   Types of taxes and challenges of tax

collection

6.5  Types and items of government

Expenditure

7.1.1   Meaning of trade

7.1.2   Difference between domestic and

international trade

7.1.3   Documents used in domestic and

international trade

7.1.4  Reasons for international trade

7.1.5  Theories of absolute cost and

comparative cost  advantage

7.1.6  Restrictions in International trade

Balance of Payments (BOP) and

measures for correcting BOP deficit                           

8.   GLOBALIZATION AND                                                                                                           

      ECONOMIC 

      INTEGRATION

8.1   Globalization

8.2   Economic integration

9.    FUNCTIONAL                                                                 

       MANAGEMENT

       9.1   Elements of Human

Resource   Management

in relation to International trade

7.2.2   Ways of improving Developing

Economies by Government

7.2.3   Role of the following  institutions in

international trade : International

Monetary Fund (IMF), International

Bank for Reconstruction and

Development (IBRD), United Nations

Conference on Trade and

Development (UNCTAD).

8.1.1   Meaning and causes of globalization

8.1.2   Advantages and disadvantages of

Globalization

8.2.1 Meaning of economic integration

8.2.2 Roles of the following in economic

integration :

Economic Community   of  West

African States (ECOWAS), African

Union (AU), European

Union (EU), P African European Pacific

Countries Association of South and

Eastern Asian Nations (ASEAN).

9.1.1  Meaning of human resource

Management

9.1.2  Functions of human resource

management

9.1.3  Steps in the recruitment and selection

process

9.1.4  Sources of recruitment

9.1.5 Types of training;

9.1.6  Job Analysis (job description and job

specification)

9.1.6  Performance appraisal – meaning and

importance

9.3      Fundamentals of            Production Management

9.4    Principles of Marketing

Unions and industrial relations.

9.2.2   Functions of Trade Unions

9.2.3   Employers’ Association: Meaning and

functions.

9.2.4  Collective bargaining-process

importance and rights of parties

involved.

9.3.1  Meaning of production and production

Management.

9.3.2 Forms of Production – extractive,

manufacturing, construction,

commercial and personal services

9.3.3 Factors of production

9.3.4 Meaning of specialization and

exchange

9.3.5 Advantages and disadvantages of

specialization

9.3.6 Types of production process – job,

batch, flow

9.3.7 Steps in production planning and

Control

9.4.1 Meaning of Marketing: Meaning and

activities.

9.4.2  Market segmentation: Meaning and

bases.

9.4.3  Elements of the marketing mix

(product, price,promotion and place)

9.4.4  Steps in new product development

9.4.5  Stages of product life cycle

(introduction, growth, maturity and

decline)

9.4.6  Functions of packaging and uses of

branding

9.4.7 Factors affecting pricing and pricing

objectives

9.4.8  Promotion: Meaning, importance and

types

9.4.9  Channels of distribution

9.4.10 Functions of wholesalers and retailers

(e -Commerce)

9.6  Business Finance

10.       ENTREPRENEURSHIP    

           AND SMALL BUSINESS

        10.1    Entrepreneurship

10.2    Small Business

importance.

9.5.2    Meaning of Business Finance.

9.6.1    Short-term and long-term sources of

finance

9.6.2   Government lending programmes;

Venture capital fund

10.1.1 Meaning of entrepreneurship

10.1.2 Role of entrepreneurs

10.1.3 Characteristics of an entrepreneur

10.1.4 Content of business plan

10.1.5 Reasons for business successes and

failures

10.1.6  Record Keeping: Meaning,                             importance and types.

10.1.7  Time Management: Meaning,                         importance and techniques.

10.2.1 Small businesses:  Meaning and

categories

10.2.2 Procedures in the formation of small

businesses

10.2.3 Importance of small businesses in the

economy

10.2.4 Challenges of small businesses

10.2.5 Role of government in promoting

small businesses

10.2.6 Ways of sustaining an established

business