WAEC Syllabus for Commerce

ii.            History/Background of Commerce

iii.          Scope of Commerce and E-Commerce

iv.          Functions of Commerce and E-Commerce

ii.               Types;- Industrial, Commercial, Service Occupation

iii.             Factors that determine types of occupation/employment

Career Opportunities  Dollar to Naira Rate

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

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.

i.                 Trade Association

ii.               Chamber of Commerce, Employers Association

iii.             Consumer Association/Consumerism

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.

(a)    HOME 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

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.

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

10.

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

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

(ii)               Roles, advantages and disadvantages

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

(iv)             Methods – direct and indirect

(v)               Media-  meaning, choice and types

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

Areas of law that relate to Business

Consumer Protection

–  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

A. Commercialsation

B. Privatisation

C. Deregulation

(i)              Meaning and Reasons

(ii)            Advantages and disadvantages

(iii)   Comparison/differences

MANAGEMENT

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

A.    ECOWAS

B    NIGERBASIN      .

COMMISSION (NBC)

C.   LAKECHADBASIN

COMMISSION (LCBC)

D.   MANO-RIVER UNION

E.   EUROPEAN UNION

F.   WEST AFRICAN CLEARING HOUSE

ii.  Membership

iii.  Objectives

iv.  Achievements

v.  Problems/Obstacles