You are undoubtedly on the right site if you were looking for the NECO commerce syllabus to use as you study for the National Examination Council (NECO). This article will provide you with the syllabus you need to ace your NECO exam.
As we all know, the Senior Secondary School Examination will be here before we know it, so it is advised to start reading right away to get ready. You can see from this syllabus what topics will be covered in depth on the commerce NECO SSCE this year.
In other words, it provides you with all the commerce-related topics, suggested authors, and textbooks that you should read in order to be prepared for the exam. You should be aware that all of the commerce questions on your exam will be based on the NECO syllabus.
Commerce NECO Scheme Of Examination
There will be two papers, Paper I and Paper 2, both of which will constitute a composite paper to be taken in one sitting.
PAPER I: will have fifty multiple-choice questions, each of which must be answered in 50 minutes to receive 50 points.
PAPER II: will have eight essay-style questions, and candidates will have two hours to respond to any five of them in order to receive 100 points.
Recommended Textbook For Commerce
- Senior Secondary Commerce, Books 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) iv. Consumer Behaviour – Prof. Achumba ( University of Lagos).
Aims and Objectives
The curriculum’s goals are to enable applicants to:
(1) Gain a thorough understanding of the fundamental ideas and uses of physics.
(2) Develop your scientific mindset and abilities as a prerequisite for future scientific endeavors.
(3) Recognize the strengths and weaknesses of the scientific method to appreciate how it can be applied to a variety of fields and to every aspect of life.
(4) Develop practices that are effective and secure by developing the attitudes, abilities, and skills necessary.
(5) Some examples of positive scientific attitudes to foster include accuracy, precision, objectivity, integrity, initiative, and innovation.
NECO Syllabus For Commerce
i. Definition of Commerce and E-Commerce
ii. History/Background of Commerce
iii. Scope of Commerce and E-Commerce
iv. Functions of Commerce and E-Commerce
i. Meaning of Occupation
ii. Types;- Industrial, Commercial, Service Occupation
iii. Factors that determine types of occupation/employment
iv. Career Opportunities
ii. Factors – land, labor, capital, and entrepreneurship
iii. Types:- Primary, Secondary, and Tertiary production
iv. Division of labor/specialization
– advantages and disadvantages,
v. Inter-relationship between production and
i. Meaning and objectives of the business
ii. 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 the capital for each form of business
v. Meaning and purpose of
– Mergers and acquisitions
– Holding companies and Subsidiaries
– Consortium and Cartel
vi. Dissolution/Liquidation of Companies/Partnership
Aims and functions of
i. Trade Association
ii. Chamber of Commerce, Employers Association
iii. Consumer Association/Consumerism
BUSINESS CAPITAL AND
i. Meaning and types – Authorized/Registered/Normal capital, called-up, paid-up capital, capital owned, liquid/circulating capital
ii. Credit – Meaning, Sources, Instrument and
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.
(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 entrepot
ii Basic concept in International trade – terms of trade, the balance of trade, the balance of payment -favorable, unfavorable, visible, and invisible items, bilateral and multilateral agreements, and countertrade.
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
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, a 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 – (banknotes and coins), cheques, standing orders, bank drafts, stamps, postal orders, money orders, bills of exchange and promissory Notes, mail transfers, traveler’s cheques, telegraphic transfers.
FINANCE AND FINANCIAL INSTITUTIONS
iv. Qualities and functions
i. Types of Banks – Central Bank, Commercial
Banks and other specialized banks e.g. Development Bank, Mortgage Bank, Building Societies, Microfinance institutions, – their features and Functions.
Bureau-de-change (Meaning and Functions)
ii. E. Banking –
forms – ATM, Money transfer –
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. Nonlife 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
D. CAPITAL MARKET
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
E. STOCK EXCHANGE
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
F. COMMODITY EXCHANGE
(iii) Choice of transport
(v) Advantages and disadvantages of each form
(vi) Documents – Waybills, Consignment note, tickets
TRANSPORT, TOURISM, COMMUNICATION, AND WAREHOUSING
(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
(ii) Roles, advantages, and disadvantages
(iii) Types – informative, persuasive, Competitive, mass/specific
(iv) Methods – direct and indirect
(v) Media- meaning, choice, and types
INTRODUCTION TO MARKETING
(iii) Functions (iv) Differences between market and marketing, market and marketing research.
The Marketing mix 4ps
B. Marketing Concept
(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
D. Sales Promotion
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
Government policies relating
(i) Meaning and Reasons
(ii) Advantages and disadvantages
INTRODUCTION TO BUSINESS MANAGEMENT
ii. Objectives of business
iii. Meaning of Business Management
v. Business Resources
– Man, Money, Materials Opportunities/Goodwill
vi. Structure of Business organizational setup Organizational 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 communications
The syllabus is accurate and created to make it simple for you to pass the test. Make sure you do it, then give your account later.