You must prepare for the exam by studying the WAEC Commerce syllabus. It includes the goals and benchmarks, study materials, and format for the Commerce exam.
You must study the Commerce curriculum in order to be prepared for the exam. You can use it as a guide to help you decide which topics to read about. Additionally, there are notes on ideas that you ought to learn carefully.
Exam preparation without reference to the Commerce syllabus is equivalent to visiting a farm without your farm equipment. You won’t be effective in the end.
Make sure to use the syllabus when you start your exam preparations.
The West African Examination Council’s Commerce syllabus and suggested textbooks are included in this article (WAEC).
WAEC Commerce Syllabus
A composite paper that must be completed in one sitting will be made up of the two papers Paper I and Paper 2.
PAPER I: There will be fifty multiple-choice questions on this paper, and you have 50 minutes to complete them.
Paper II: will have eight essay-style questions, out of which candidates must respond to five within two hours for 100 points.
1. INTRODUCTION
Definition of Commerce and E-Commerce History/Background of Commerce
Scope of Commerce and E Commerce
Functions of Commerce and E-Commerce
2. OCCUPATION
Meaning of Occupation
Types;- Industrial, Commercial, Service Occupation
Factors that determine types of occupation/employment Career Opportunities
3. PRODUCTION
Meaning
Factors – land, labour, capital and entrepreneurship
Types:- Primary, Secondary and Tertiary production
Division of labour/specialization
meaning
types
advantages and disadvantages,
limitation
Inter-relationship between production and exchange
4. BUSINESS UNITS
Meaning and objectives of business
Forms of business units
Sole proprietorship, Partnership, Co-operative Societies, Credit Union and Thrift Societies, Public enterprises, Companies –
Types, Formation, characteristics, comparison, advantages and disadvantages
Sources of capital of each form of business
Meaning and purpose of
– Amalgamations,
– Mergers and acquisitions
– Trust,
– Holding companies and Subsidiaries
– Consortium and Cartel
Dissolution/Liquidation of Companies/Partnership.
5. TRADE ASSOCIATIONS
Aims and functions of Trade Association
Chamber of Commerce,
Employers Association
Consumer Association/Consumerism
6. BUSINESS CAPITAL AND PROFITS
Meaning and types
– Authorized/Registered/Normal capital, called-up, paid-up capital, capital owned, liquid/circulating capital
Credit
– Meaning, Sources, Instrument and Functions
Calculation of working capital,
the Importance of working capital
Profits
– Meaning, types and calculation of profit
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 Retail trade: Functions of retailer Factors to consider in starting a retail business
Reasons for success/failure of retail business.
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.
Wholesale trade
– Functions of Wholesalers
Types of Wholesalers.
Factors.
Merchant and agent
Wholesalers
Factor making for elimination and survival of middlemen
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
Advantages and Disadvantages Barriers to Foreign trade
– Tariffs
– Meaning Reason for tariffs,
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
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.
Price Quotation
– Trade discount, Cash discount,
Quantity discount, COD, CWO, CIF, FOB, E & OE, Ex-works, LOCO, FAS, FOR and Franco Terms of Payment: Cash/Spot Payment, Purchase and deferred payment.
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. FINANCE AND FINANCIAL INSTITUTIONS A. MONEY
B. BANKS
C. INSURANCE D. CAPITAL MARKET
E. STOCK EXCHANGE (first tier)
F. COMMODITY EXCHANGE
i. Meaning
ii. Evolution/History
iii. Forms
iv. Qualities and functions.
Types of Banks
– Central Bank, Commercial Banks and other specialized banks e.g.
Development Bank,
Mortgage Bank,
Building Society,
Microfinance institutions,
– their features and Functions. Bureau-de-change (Meaning and Functions)
E. Banking
– Meaning, forms
– ATM, Money transfer
– E Payment
– online transfer
iii. Types of Accounts: Current, Savings and Fixed Deposit Account
– Their main features
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
10. WAREHOUSING
A. TRANSPORT,
B. TOURISM
C. COMMUNICATION D. WAREHOUSING
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 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
Meaning Importance Choice of transport Forms (a) Land
(b) Water
(c) Air
(d) Pipeline
(v) Advantages and disadvantages of each form (vi) Documents
– Waybills, Consignment notes, tickets and manifest
Meaning Advantages and disadvantages
Meaning Types
– Oral. Written, Visual, Non-verbal, Non-visual, Traditional, Advantages and Disadvantages
Importance and services of Post Office Courier Agencies and other communication agencies
– Telephone system, satellite services, internet
– E-mail
(vi) Computer Appreciation
– meaning,
– component parts,
– advantages and disadvantages.
Meaning
Importance
Functions
Types
Advantages
11. ADVERTISING
Meaning Roles, advantages and disadvantages Types
– informative, persuasive, Competitive, mass/specific
Methods
– direct and indirect Media
– meaning, choice and types
12. INTRODUCTION TO MARKETING
A. MARKETING
B. Marketing Concept C. Customer Services
D. Sales Promotion
(i) Meaning
(ii) Importance
Functions
Differences between market and marketing, market and marketing research.
The Marketing mix 4ps Meaning
ComponentsProducts, price, place and promotion Meaning
Importance
Types
– Pre and after sales services
Meaning
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
Sales of goods Act Hire Purchase
Act Rights and Obligations of employer and Employee
Government regulation of Business
– patents, copyright.
Trade mark
Registration of Business
– Meaning and uses
(i) Meaning
(ii) Need for protection Means of protection
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. Commercialisation
B. Privatisation
C. Deregulation
Meaning and Reasons 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
WAEC Commerce Textbooks
- 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 handbook services)
- Consumer Behaviour – Prof. Achumba ( University of Lagos
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