WAEC SYLLABUS FOR COMMERCE 2021/2022 (WASSCE)

S/NO

CONTENTS

NOTES

1.

INTRODUCTION

1. Definition of Commerce and E – Commerce
2. History/Background of Commerce
3. Scope of Commerce and E Commerce
4. Functions of Commerce and E Commerce

2.

OCCUPATION

1. Meaning of Occupation
2. Types;- Industrial, Commercial, Service Occupation
3. Factors that determine types of occupation / employment

   Career Opportunities

3.

PRODUCTION

1. Meaning
2. Factors – land, labour, capital and entrepreneurship
3. Types:- Primary, Secondary and Tertiary production
4. Division of labour/specialization

• meaning
• types
• advantages and disadvantages,
• limitation

1. Inter-relationship between production and exchange

4.

BUSINESS UNITS

1. Meaning and objectives of business
2. Forms of business units

• Sole proprietorship,
• Partnership,
• Co-operative Societies,
• Credit Union and Thrift Societies,
• Public enterprises,
• Companies –

1. Types, Formation, characteristics, comparison, advantages and disadvantages
2. Sources of capital of each forms of business
3. Meaning and purpose of

   – Amalgamations,

   – Mergers and acquisitions

   – Trust,

   – Holding companies and Subsidiaries

   – Consortium and Cartel

4. Dissolution/Liquidation of Companies/Partnership.

5.

TRADE ASSOCIATIONS

Aims and functions of

1. Trade Association
2. Chamber of Commerce, Employers Association
3. Consumer Association/Consumerism

6.

BUSINESS CAPITAL AND PROFITS

1. Meaning and types – Authorized/Registered/Normal capital, called-up, paid-up capital, capital owned, liquid/circulating capital
2. Credit – Meaning, Sources, Instrument and Functions
3. Calculation of working capital, the Importance of working capital
4. Profits – Meaning, types and calculation of profit
5. Turnover – Meaning, calculations and factors affecting turnover.

7.

TRADE

(a) HOME TRADE

Purpose and branches of trade –

Home Trade and Foreign Trade – Meaning and Differences

1. Retail trade:

   Functions of retailer

• Factors to consider in starting a retail business
• Reasons for success/failure of retail business.

1. 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.

1. Wholesale trade – Functions of Wholesalers Types of Wholesalers. Factors. Merchant and agent Wholesalers
2. Factor making for elimination and survival of middlemen
3. Channel of Distribution:

   Meaning, Types.

   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

1. Advantages and Disadvantages
2. Barriers to Foreign trade –
3. Tariffs –

   Meaning

   Reason for tariffs,

4. 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

1. 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.
2. Price Quotation – Trade discount, Cash discount, Quantity discount, COD, CWO, CIF, FOB, E & OE, Ex-works, LOCO, FAS, FOR and Franco
3. Terms of Payment: Cash/Spot Payment, Purchase and deferred payment.
4. 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

9.

10.

FINANCE AND FINANCIAL INSTITUTIONS

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

i. Meaning

ii. Evolution/History

iii. Forms

iv. Qualities and functions.

1. 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)

2. E. Banking –

   Meaning,

   forms – ATM, Money transfer –

   E Payment – online transfer

iii. Types of Accounts: Current, Savings and Fixed Deposit Account – Their main features

1. 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

1. 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

1. Meaning
2. Importance
3. Choice of transport
4. Forms

   (a) Land

   (b) Water

   (c) Air

   (d) Pipeline

   (v) Advantages and disadvantage of each form

   (vi) Documents – Waybills, Consignment note, tickets and manifest

   1. Meaning
   2. Advantages and disadvantages
5. Meaning
6. Types – Oral. Written, Visual, Non-verbal, Non-visual, Traditional,
7. Advantages and Disadvantages
8. Importance and services of Post Office
9. Courier Agencies and other communication agencies – Telephone system, satellite services, internet- E-mail

(vi) Computer Appreciation

– meaning,

– component parts,

– advantages and disadvantages.

1. Meaning
2. Importance
3. Functions
4. Types
5. Advantages

11.

ADVERTISING

1. Meaning
2. Roles, advantages and disadvantages

3. Types – informative, persuasive, Competitive, mass/specific
4. Methods – direct and indirect
5. Media- meaning, choice and types

12

INTRODUCTION TO MARKETING

A. MARKETING

B. Marketing Concept

C. Customer Services

D. Sales Promotion

(i) Meaning

(ii) Importance

1. Functions
2. Differences between market and marketing, market and marketing research.

The Marketing mix 4ps

1. Meaning
2. Components

• Products,
• price,
• place and
• promotion

1. Meaning
2. Importance

Types – Pre and after sales services

1. Meaning

1. Methods

   Trade fairs, exhibitions, gifts, demonstration

Personal Selling

Meaning

Importance

13.

LEGAL ASPECT OF BUSINESS

Areas of law that relate to Business

Consumer Protection

(i) Contract

– Meaning –

– Elements of a valid contract

– Discharge of a contract

(ii) Agency

• Meaning
• Creation
• Duties and responsibilities of principals and agents
• Termination

1. Sales of goods Act
2. Hire Purchase Act
3. Rights and Obligations of employer and Employee
4. Government regulation of Business – patents, copyright. Trade mark
5. Registration of Business

   – Meaning and uses

(i) Meaning

(ii) Need for protection

1. Means of protection
2. 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

14.

Government policies relating to business

A. Commercialsation

B. Privatisation

C. Deregulation

1. Meaning and Reasons
2. Advantages and disadvantages

(iii) Comparison/differences

15.

INTRODUCTION TO BUSINESS

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, 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

16.

ECONOMIC GROUPINGS

A. ECOWAS

B NIGERBASIN .

COMMISSION (NBC)

C. LAKECHADBASIN

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