This is the official Waec GCE 2021 syllabus for commerce. You may want to rotate your screen if you are using a phone to download the syllabus table.
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 I: Will consist of fifty multiple-choice questions to be answered in 50 minutes for 50 marks.
PAPER II: 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
|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
ii. Factors land, labour, capital and entrepreneurship
iii.Types:- Primary, Secondary and Tertiary production
iv.Division of labour/specialization
– advantages and disadvantages,
v. Inter-relationship between production and exchange
|4.||BUSINESS UNITS||i. Meaning and objectives of business|
ii.Forms of business units
”” Sole proprietorship,
”” 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
– Mergers and acquisitions
– 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
|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.
(a) HOME 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:
Factors for choice of Channel
|(b) FOREIGN TRADE||i. Meaning –|
Types: Import, export and entreport
ii Basic concept in International trade – terms of trade, 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
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. Epayment
|FINANCE AND FINANCIAL INSTITUTIONS|
D. CAPITAL MARKET
E. STOCK EXCHANGE
F. COMMODITY EXCHANGE
TRANSPORT, TOURISM, COMMUNICATION and WAREHOUSING
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)
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
b. Non life Insurance
– Motor vehicle
– Consequential Loss
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
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,
iii. Transactions on the stock exchange
iv. Speculators – Meaning and Types
v. Types of Security – Shares, Stock, Bond gilt edge, debentures/Convertible loans
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
(iii) Choice of transport
(v) Advantages and disadvantage of each form
(vi) Documents – Waybills, Consignment note, tickets and manifest
(ii) Advantages and disadvantages
(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
– component parts,
– advantages and disadvantages.
(ii) Roles, advantages and disadvantages
(iii)Types – informative, persuasive, Competitive, mass/specific
(iv)Methods – direct and indirect
(v) Media- meaning, choice and types
|12||INTRODUCTION TO MARKETING|
B. Marketing Concept
C. Customer Services
D. Sales Promotion
(iv) Differences between market and marketing, market and marketing research.
The Marketing mix 4ps
– place and
Types Pre and after sales services
Trade fairs, exhibitions, gifts, demonstration
|13.||LEGAL ASPECT OF BUSINESS|
Areas of law that relate to Business
– Meaning –
– Elements of a valid contract
– Discharge of a contract
– Duties and responsibilities of principals and agents
(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
(ii) Need for protection
(iii) Means of protection
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
|15.||INTRODUCTION TO BUSINESS|
ii. Objectives of business
iii. Meaning of Business Management
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
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
B NIGERBASIN .
D. MANO-RIVER UNION
E. EUROPEAN UNION
F. WEST AFRICAN CLEARING HOUSE
- Senior Secondary Commerce, Book One, two and three by M. O. Odedokun, P. C. Udokogu and C. O. N. Oguji.
- Basic Marketing- McCarthy Jerome, E. , William Perreault Jr.
- Marketing G. B. Giles ( The M & E hand book services)
- Consumer Behaviour Prof. Achumba ( University of Lagos
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