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Waec Commerce Syllabus/Questions 2024/2025

This is the official 2024 waec Commerce syllabus. You may want to rotate your screen if you are using phone to download the syllabus table. 

WAEC COMMERCE SYLLABUS SCHEME OF EXAMINATION:

See 2024 WAEC SPECIMEN/PRACTICALS 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.
Waec Commerce Syllabus

Waec Commerce Syllabus

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.

WAEC COMMERCE SYLLABUS DETAILED SYLLABUS

 
S/NO CONTENTS NOTES
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 Career Opportunities
3. PRODUCTION i.           Meaningii.         Factors – land, labour, capital and entrepreneurship iii.        Types:- Primary, Secondary and Tertiary production iv.        Division of labour/specialization –       meaning –       types –       advantages and disadvantages, –       limitation v.         Inter-relationship between production and exchange
4. BUSINESS UNITS i.             Meaning and objectives of businessii.            Forms of business units —   Sole proprietorship, —   Partnership, —   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 –   Amalgamations, –   Mergers and acquisitions –   Trust, –   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: 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 iv.           Advantages and Disadvantages v.            Barriers to Foreign trade – vi.           Tariffs – Meaning 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
9.                                                                                                                                       10. FINANCE AND FINANCIAL INSTITUTIONSA.   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.   Meaningii.   Evolution/History iii.   Forms 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 – Meaning, 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 –     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 v.           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         (i)          Meaning (ii)         Importance (iii)       Choice of transport (iv)        Forms (a)   Land (b)   Water (c)   Air (d)   Pipeline (v)   Advantages and disadvantage of each form (vi)   Documents – Waybills, Consignment note, tickets and manifest (i)             Meaning (ii)           Advantages and disadvantages (i)             Meaning (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 – meaning, – component parts, – advantages and disadvantages. (i)             Meaning (ii)           Importance (iii)          Functions (iv)          Types (v)           Advantages
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 A. MARKETING           B. Marketing Concept                   C. Customer Services     D. Sales Promotion     (i)      Meaning (ii)     Importance (iii)       Functions (iv)       Differences between market and marketing, market and marketing research.   The Marketing mix 4ps (i)             Meaning (ii)           Components –       Products, –       price, –       place and –       promotion (i)      Meaning (ii)           Importance   Types – Pre and after sales services (i) Meaning (ii)   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 (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 (i)   Meaning (ii) Need for protection (iii)     Means of protection (iv)     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 businessA. Commercialsation B. Privatisation C. Deregulation   (i)          Meaning and Reasons (ii)         Advantages and disadvantages (iii)     Comparison/differences
15. INTRODUCTION TO BUSINESSMANAGEMENT i.   Meaningii.   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 GROUPINGSA.   ECOWAS B   NIGERBASIN     . COMMISSION (NBC) C.   LAKECHADBASIN COMMISSION (LCBC) D.   MANO-RIVER UNION E.   EUROPEAN UNION F.   WEST AFRICAN CLEARING HOUSE i.   Historyii. Membership iii. Objectives iv. Achievements v. Problems/Obstacles  
   RECOMMENDED TEXTBOOKS
  1. Senior Secondary Commerce, Book One, two and three by M. O. Odedokun, P. C. Udokogu and C. O. N. Oguji.
  2. Basic Marketing- McCarthy Jerome, E. , William Perreault Jr.
  1. Consumer Behaviour – Prof. Achumba ( University of Lagos
See Waec Further Maths Syllabus That is all on Waec Commerce Syllabus Questions and Answers 2024/2025 Waec Commerce Syllabus Waec Commerce Syllabus Waec Commerce Syllabus    
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