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This is the official 2021 waec GCE syllabus for Commerce. I will make it available for download later. You may click here for how to pass waec GCE 2021/2022 or click here for a Waec GCE syllabus for all subjects.
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.
|1.||INTRODUCTION||i. Definition of Commerce and E – Commerceii. History/Background of Commerce
iii. Scope of Commerce and E Commerce
iv. Functions of Commerce and E Commerce
|2.||OCCUPATION||i. Meaning of Occupationii. Types;- Industrial, Commercial, Service Occupation
iii. Factors that determine types of occupation / employment
|3.||PRODUCTION||i. Meaningii. 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 businessii. 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 ofi. Trade Association
ii. Chamber of Commerce, Employers Association
iii. Consumer Association/Consumerism
|6.||BUSINESS CAPITAL AND PROFITS||i. Meaning and types – Authorized/Registered/Normal capital, called-up, paid-up capital, capital owned, liquid/circulating capitalii. 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.
|7.||TRADE(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 –
vi. Tariffs –
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 INSTITUTIONSA. MONEY
D. CAPITAL MARKET
E. STOCK EXCHANGE
F. COMMODITY EXCHANGE
TRANSPORT, TOURISM, COMMUNICATION and WAREHOUSING
|i. Meaningii. Evolution/History
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 –
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.
|11.||ADVERTISING||(i) Meaning(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
|(i) Contract– 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 businessA. Commercialsation
(i) Meaning and Reasons
(ii) Advantages and disadvantages
|15.||INTRODUCTION TO BUSINESSMANAGEMENT||i. Meaningii. 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
|16.||ECONOMIC GROUPINGSA. ECOWAS
B NIGERBASIN .
D. MANO-RIVER UNION
E. EUROPEAN UNION
F. WEST AFRICAN CLEARING HOUSE
|i. Historyii. Membership
Waec Commerce Syllabus
- 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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