This is the Commerce WAEC Syllabus for 2016/2017 WAEC exams. I hope it helps you out there. Make sure you save this page for future studies.
WEST AFRICAN SENIOR SCHOOL
CERTIFICATE EXAMINATION COMMERCE
PREAMBLE
This course embraces trade,
aids to trade
and elementary aspects
of Marketing and Commercial Law.
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AIMS
The examination in this subject is meant to test:
(i)
candidates’ appreciation of the role of Commerce and its relationship with the other
aspects of production,
(ii)
candidates’ understanding and
appreciation of the basic concepts and principles of Commerce, and
(iii)
candidates’ ability to relate the
concepts and principles of Commerce to practical situations.
EXAMINATION STRUCTURE
The examination will consist of
two papers: - Paper 1 and Paper 2 – both of which must be taken. PAPER 1: This will consist of 50 compulsory multiple-choice questions which would cover the entire syllabus and will carry 25% of the
total marks for the subject. It will
last for 1 hour.
PAPER 2: This will be a 2½ hour paper consisting of 10 essay type questions
out of which candidates will be
expected to answer
any five. All questions carry
equal marks, and the paper will carry 75% of the total marks.
DETAILED SYLLABUS
1. INTRODUCTION
Meaning, scope and functions of Commerce, History of Commerce.
2. OCCUPATIONS
Types – Industry, Commerce, Direct and Indirect Services.
3. PRODUCTION
Definition, factors, primary,
secondary and tertiary
production. Inter-relationship between
production and exchange.
WEST
AFRICAN SENIOR SCHOOL CERTIFICATE EXAMINATION COMMERCE 171
4. BUSINESS UNITS
(i)
Meaning and objectives of business;
(ii)
Forms of Business Units
– Sole proprietorship, Partnership, Public and Private
Limited Liability Companies,
Public Enterprises and Cooperative Societies;
(iii)
Formation, characteristics, advantages and disadvantages;
(iv)
Dissolution/liquidation
5. BUSINESS CAPITAL AND PROFITS
(i)
Meaning and types – authorised/registered/nominal/issued capital,
called-up, paid up, capital owned, capital borrowed,
liquid/circulating capital;
(ii)
Calculation of working capital, the importance
of working capital;
(iii)
Profit – meaning, types and
calculation of profits;
(iv) Turnover – meaning and calculation.
6. TRADE ASSOCIATIONS
(i)
Aims and functions of trade associations;
(ii)
Chamber of Commerce, Employers’ Association, Consumer Association and Manufacturers’ Association
– Aims and functions.
7. TRADE
Purpose and branches of trade – Home Trade and Foreign Trade.
(a) HOME TRADE
(i)
Retail Trade – Functions of the
Retailer and factors to consider in starting retail business.
Small scale and large scale
retailing. Types of Retail outlets,
the main characteristics of each.
Trends in Retailing – branding, after-sales service, self service,
vending machines, luncheon
and fuel vouchers.
(ii)
Wholesale Trade – Functions of the wholesaler. Types of wholesalers – Merchant and Agent
wholesalers.
(iii)
Warehousing – importance, functions
and types of warehouses.
WEST AFRICAN SENIOR SCHOOL CERTIFICATE EXAMINATION COMMERCE 172
(iv)
Forces making for the elimination and survival
of the middleman.
(v)
Channels of Distribution – Producer
– Wholesaler – Retailer – Consumer.
Factors for the choice of the channels.
(b)
FOREIGN TRADE
(i)
Basic concepts in International
Trade – Terms of trade, balance of trade,
balance
of payment, counter trade.
(ii)
Export, Import and Entrepot –
procedures and documents used. Visible
and Invisible Trade.
(iii)
Barriers to International Trade
(iv)
Functions of Ports
Authority. Customs and Excise Authority, Customs, Excise and Preventive Services and shipping, clearing and
forwarding Agents, Export Promotion Council.
8. PURCHASE AND SALE OF GOODS
(i)
Procedure and
documents;
(ii)
Terms of Trade – Trade Discount, Cash discount, Quantity
discount, C.O.D., C.I.F., F.
O. B., E. and O.E.
(iii)
Terms of payment – Cash, hire
purchase and deferred payment;
(iv) Means of payment
– Legal tender,
cheques, standing order,
bank drafts, stamps,
postal orders, money orders, bills of exchange and
promissory notes.
9. FINANCE AND FINANCIAL INSTITUTIONS
(a)
MONEY - Meaning, forms, qualities and functions.
(b)
BANKS - Types of Banks – Central
Bank, Commercial Banks and other
specialised banks and their features and functions.
Types of accounts – current,
savings and fixed deposit accounts,
and their main features.
(c)
INSURANCE - Meaning and basic
principles of insurance – utmost good
faith, insurable interest, contribution, indemnity and
proximate
cause.
(d) TYPES OF INSURANCE - Fire,
personal accident, marine, life and
endowment, burglary, insurable
and uninsurable risks. Importance of insurance to business and individuals.
Procedure for taking an insurance policy.
(e)
STOCK EXCHANGE - Meaning and functions,
procedure of transactions and
speculations. Types of
securities.
(f) CREDIT - Meaning, types and functions.
(g)
CREDIT UNIONS AND THRIFT SOCIETIES –
Meaning and aims, functions and
services provided to
members.
10. TRANSPORT AND COMMUNICATIONS
(a)
TRANSPORT
(i)
Meaning and importance;
(ii)
Forms of Transport – Land, water,
air and pipeline. Advantages and disadvantages of each form.
(iii)
Functions of Seaports and Airports.
(b)
COMMUNICATION – Meaning, importance
and services of Post Office, Courier
Agencies and other communication agents.
11. INTRODUCTION TO MARKETING
(a)
MARKETING
(i)
Meaning, importance and functions;
(ii)
The marketing concept, the marketing
mix (4p’s), market segmentation and consumer
sovereignty.
(b)
ADVERTISING
(i)
Meaning, role, types and media;
(ii)
Advantages and
disadvantages.
WEST
AFRICAN SENIOR SCHOOL CERTIFICATE EXAMINATION COMMERCE 174
(c) PUBLIC RELATIONS AND CUSTOMER SERVICES
Meaning
and importance.
(d)
SALES PROMOTION - Trade fairs, exhibitions,
gifts and demonstrations.
(e) PERSONAL SELLING - Meaning
and uses.
12. LEGAL ASPECTS OF BUSINESS
(a)
(i)
Areas of law that relate
to business – Contract, Agency,
Sale of Goods Act, Hire Purchase Act; Trade
Description Act.
(ii)
Rights and obligations of employer and employee;
(iii)
Government regulation of business –
Registration of business, patents, trade marks and copy rights.
(b) CONSUMER PROTECTION
(i)
Need for protection;
(ii)
Means of protection – Government
legislations, Food and Drugs Act,
Standard Organisation Act, Trade
Description Act, Consumer Association, Price Control, Product
Quality, Factory Shops and Offices
Acts, etc.
13. NATIONALISATION
AND INDIGENISATION/DIVESTITURE
(i)
Meaning and Aims;
(ii)
Advantages and
Disadvantages.
14. ECONOMIC GROUPINGS
ECOWAS, Niger Basin Commission (NBC), Lake Chad Basin
Commission (LCBC), Mano River Union,
European Economic Community (EEC), African Caribbean and Pacific (ACP),
International Bank for Reconstruction and Development (IBRD),
International Monetary Fund (IMF), United
Nations Conference on Trade and Development (UNCTAD) – Objectives and Obstacles.
Quick Links:
NECO Result Checker 2017/18
WEST AFRICAN SENIOR
SCHOOL CERTIFICATE EXAMINATION
SUGGESTED READING LIST
1.
Commerce for Senior Secondary Schools by Odedokun,
Udokogu and Ogiyi
– Longman Nigeria Publications.
2. Commerce for Senior Scondary
Schools by CESAC, Shanelson Publishers, Ibadan.
3. Modern Commercial Knowledge
by L. W. T. Stafford.
4. Marketing by G. B. Giles.
5. Basic Marketing by Jerome McCarthy.
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