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Waec Business Management Syllabus/Questions 2024

This is the official 2024 waec Business Management syllabus and Questions and Answers. Rotate the screen of your phone for full view.
Waec Business Management Syllabus

Waec Business Management Syllabus

The course in Business Management at the senior school level   embraces principles and activities in the core functional areas of business management.   It also covers legal environment of business, information technology, globalization, economic integration and entrepreneurship. See 2024/2025 Waec Agric Science Syllabus
  1.      Waec Business Management Syllabus AIMS
             The examination therefore intends to test candidates’ (i)        understanding and appreciation of the basic concepts, principles and practices of    business management; (ii)       understanding of the role of business management in an economy; (iii)      ability to relate the concepts and principles of business management to practical business situations.     (iv)      ability to pursue further studies in business management.
  There will be two papers, Paper 1 and Paper 2; both of which will constitute a composite paper and will be taken at a sitting.   PAPER: 1      This will consist of fifty compulsory multiple-choice objective questions which will cover the entire syllabus and will carry 30 marks. It will last1 hour.   PAPER: 2     It will consist of a compulsory case study question and seven other essay questions, out of which candidates will be expected to answer any three. The case study will range between 200 and 250 words and will carry 25 marks, while the other questions will carry equal marks of 15 each. The paper will therefore carry a total of 70 marks.
  1. Waec Business Management Syllabus

1. NATURE OF   MANAGEMENT   1.1  Meaning and Process of Management             1.2  Forms of Business Organization                   1.3  Business and Society                     2. FUNCTIONS OF        MANAGEMENT   2.1 Planning and Decision Making        1.1.1 Meaning of Management and administration 1.1.2   Basic Functions of                                       Management 1.1.3   Levels of Management 1.1.4   Types and Roles of Managers                   1.1.5   Difference between Administration and Management   1.2.1  Meaning of Business Organization 1.2.2. Identification of Major Forms:   (Sole Proprietorship, Partnership,                          (Sole Proprietorship, Limited Liability Company, Public orations, Co-operative society)                                                                                   Co-operative society)                                                Company, Public orations,                                       Co-operative society) 1.2.3. Procedures for the formations/Characteristics, advantages and disadvantages of each form. 1.2.4 Causes of business failure.   1.3.1 Meaning of Business Environment Business Environment,                                  Business Environment,                                            Environment                                                            Business Environment, 1.3.2 Forces in the Businesses Environment                                                                                  Environment 1.3.3 Ethical, legal and social responsibilities of Businesses.                      responsibilities of Businesses. 1.3.4 Primary and Secondary stakeholders – meaning and differences. 1.3.5 Responsibilities of businesses towards           2.1.1 Meaning and importance of planning                                                                            of planning 2.1.2 Steps in planning, Types                              of planning, Limitations to                                      planning .2.1.3 Meaning and of planning, Limitations to planning 2.1.3 Meaning and importance of decision making.                                                           importance of decision                                            making.                                                                    planning                                                                   importance of decision                                            making.                                                                     stakeholders.                                                          businesses towards                                                  stakeholders.                                                                                                                                                                                          1.
         2.2   Organizing                           2.3 Directing                               2.4 Controlling 2.1.4    Step in the decision making process.2.1.5  Types of (Programmed and Non- programmed) decisions.                                Non-programmed) decisions.                                  making process.                                                                                                                      2.1.5 Types of (Programmed and                             Non-programmed) decisions. 2.1.6   Levels of   management decisions.   2.2.1 Meaning, importance and activities of organizing 2.2.2 Principles of organizing, Organizational structure and Organizational chart 2.2.3 Centralization and decentralization- meaning differences, advantages and disadvantages. 2.2.4 Meaning and benefits of delegation. 2.2.5 Reasons why managers do not delegate 2.2.6 Reasons why subordinates do not accept Delegation 2.2.7   Guidelines for delegation   2.3.1 Meaning and elements of directing 2.3.2 Motivation – meaning, intrinsic and extrinsic factors 2.3.3 Maslow’s Hierarchy of Needs. 2.3.4   Leadership importance of good leadership. 2.3.5 Leadership styles and Sources of power available to leaders. 2.3.6 Communication –meaning, importance, channel formal and informal 2.3.7   The Communication process 2.3.8   Barriers to communication 2.3.9   Guidelines to effective communication   2.4.1 Meaning and reasons for controlling 2.4.2   Steps in controlling. 2.4.3 Tools for controlling  
3.       MANAGEMENT         INFORMATION              TECHNOLOGY             4.     LEGAL ENVIRONMENT        OF BUSINESS        4.1     Law of Contract           4.2     Principles of Agency         4.3   Negotiable Instruments                 5.         FINANCE AND                                                                                FINANCIAL          INSTITUTIONS        5.1   Money       5.2   Banking 3.1   Concept of ICT3.2   Data and information, meaning, differences; and sources of   business information 3.3 Functions of the computer 3.4 Applications of computers in Business 3.5 Advantages and challenges of the use of Computers in business       4.1.1. Meaning and elements of contract 4.1.2 Classification of contracts 4.1.3   Vitiating factors (Void and Voidable contracts) 4.1.4   Ways of discharging a contract   4.2.1 Creation of agency 4.2.2 Rights and duties of a principal 4.2.3 Rights and duties of an agent 4.2.4 Termination of agency   4.3.1 Meaning and characteristics of negotiable instruments 4.3.2 Types of negotiable instruments (Cheques; Bills of exchange; Promissory notes) 4.3.3 Cheques: Class, types, advantages, disadvantages and ways of avoiding cheque frauds.         5.1.1 Meaning and characteristics of money                                                                            characteristics of money 5.1.2 Functions of money 5.1.3 Meaning and causes of inflation   5.2.1 Types of banks 5.2.2 Functions of the Central bank 5.2.3 Functions of commercial and other types of banks 5.2.4 Types of bank accounts. 5.2.5 Tools of monetary control  
     5.3  Risk Managementand Insurance           5.4     Stock Exchange     6.   ROLE OF GOVERNMENT IN THE ECONOMY                 7.   INTERNATIONAL                TRADAND PROBLEMS        OF DEVELOPING          ECONOMIES           7.1 International Trade 5.3.1 Meaning of risk and risk management5.3.2 Types of business risks 5.3.3 Meaning and importance of insurance 5.3.4 Principles of insurance 5.3.5 Types of insurance and insurance Policies   5.4.1 Meaning and functions 5.4.2 Types of securities     6.1   Role   of government in an economy 6.2 Sources and types of government revenue 6.3   Purpose of taxation 6.4   Types of taxes and challenges of tax collection 6.5 Types and items of government Expenditure           7.1.1  Meaning of trade 7.1.2  Difference between domestic and international trade 7.1.3  Documents used in domestic and international trade 7.1.4 Reasons for international trade 7.1.5 Theories of absolute cost and comparative cost advantage 7.1.6 Restrictions in International trade Balance of Payments (BOP) and measures for correcting BOP deficit                              
   7.2    Developing Economies                     8.   GLOBALIZATION AND                                                                                                                  ECONOMIC      INTEGRATION 8.1   Globalization       8.2   Economic integration                     9.   FUNCTIONAL                                                                        MANAGEMENT        9.1     Elements of Human Resource   Management 7.2.1 Challenges of developing economiesin relation to International trade 7.2.2   Ways of improving Developing Economies by Government 7.2.3 Role of the following institutions in international trade : International Monetary Fund (IMF), International Bank for Reconstruction and Development (IBRD), United Nations Conference on Trade and Development (UNCTAD).         8.1.1  Meaning and causes of globalization 8.1.2   Advantages and disadvantages of Globalization   8.2.1 Meaning of economic integration 8.2.2 Roles of the following in economic integration : Economic Community   of   West African States (ECOWAS), African Union (AU), European Union (EU), P African European Pacific Countries Association of South and Eastern Asian Nations (ASEAN).       9.1.1 Meaning of human resource Management 9.1.2 Functions of human resource management 9.1.3 Steps in the recruitment and selection process 9.1.4 Sources of recruitment 9.1.5 Types of training; 9.1.6 Job Analysis (job description and job specification) 9.1.6 Performance appraisal – meaning and importance
9.2     Labour Relations               9.3      Fundamentals of            Production Management                           9.4    Principles of Marketing 9.2.1  Meaning of labour relations,   TradeUnions and industrial relations. 9.2.2  Functions of Trade Unions 9.2.3  Employers’ Association: Meaning and functions. 9.2.4 Collective bargaining-process importance and rights of parties involved.   9.3.1 Meaning of production and production Management. 9.3.2 Forms of Production – extractive, manufacturing, construction, commercial and personal services 9.3.3 Factors of production 9.3.4 Meaning of specialization and exchange 9.3.5 Advantages and disadvantages of specialization 9.3.6 Types of production process – job, batch, flow 9.3.7 Steps in production planning and Control   9.4.1 Meaning of Marketing: Meaning and activities. 9.4.2 Market segmentation: Meaning and bases. 9.4.3 Elements of the marketing mix (product, price,promotion and place) 9.4.4 Steps in new product development 9.4.5 Stages of product life cycle (introduction, growth, maturity and decline) 9.4.6 Functions of packaging and uses of branding 9.4.7 Factors affecting pricing and pricing objectives 9.4.8 Promotion: Meaning, importance and types 9.4.9 Channels of distribution 9.4.10 Functions of wholesalers and retailers
9.5 Electronic Commerce(e -Commerce)     9.6  Business Finance         10.       ENTREPRENEURSHIP                AND SMALL BUSINESS        10.1   Entrepreneurship                       10.2   Small Business 9.5.1   e-commerce: Meaning andimportance. 9.5.2   Meaning of Business Finance.   9.6.1   Short-term and long-term sources of finance 9.6.2   Government lending programmes; Venture capital fund       10.1.1 Meaning of entrepreneurship 10.1.2 Role of entrepreneurs 10.1.3 Characteristics of an entrepreneur 10.1.4 Content of business plan 10.1.5 Reasons for business successes and failures 10.1.6  Record Keeping: Meaning,                             importance and types. 10.1.7  Time Management: Meaning,                         importance and techniques.     10.2.1 Small businesses: Meaning and categories 10.2.2 Procedures in the formation of small businesses 10.2.3 Importance of small businesses in the economy 10.2.4 Challenges of small businesses 10.2.5 Role of government in promoting small businesses 10.2.6 Ways of sustaining an established business
  That is all on Waec Business Management Syllabus Waec Business Management Syllabus Waec Business Management Syllabus Waec Business Management Syllabus Waec Business Management Syllabus Waec Business Management Syllabus Waec Business Management Syllabus Waec Business Management Syllabus      
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