For the upcoming West African Senior School Certificate Examination (WASSCE), do you need the most recent WAEC syllabus for commerce to get you motivated? If so, your search has come to a close. In addition to providing you with nearly all the information you need to know about the subject you registered for, this syllabus is your guide to answering the upcoming WAEC questions.
They are precise, detailed, and well-organized. They serve as a channel of communication between candidates studying for their exams and the West African Examinations Council (WAEC). Furthermore, we identified the causes of the consistently poor results in WAEC exams.
We were able to deduce from our findings that students’ poor WASSCE performance is due to their ignorance of common pitfalls, insufficient understanding of the syllabus, and unfamiliarity with the test format. Commerce is a core subject offered in Secondary schools in Nigeria by students in commercial classes.
Any student of business would tell you how fascinating this subject is because it plays such an important role in our interactions with other people, whether for work or for pleasure. Despite the fact that admission to higher education institutions does not require taking Commerce as a subject.
The required subject combinations for UTME admission to study any commercial subject are Mathematics, English, Economics, and two additional subjects. Here, Commerce and Biology are available as options to complete the two subjects, which would eventually make it necessary to have five Credit passes to study any commercial subject (minimum).
Aims
The examination in this subject is meant to test:
(i) understanding of how commerce fits into the production process and how it relates to other factors.
(ii) the degree to which candidates comprehend and value the fundamental ideas and values of commerce.
(iii) The capacity of candidates to apply the ideas and values of commerce to real-world circumstances.
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 with a 50-minute time limit and 50 marks.
- 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 Textbooks
-
- 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)
- Consumer Behaviour – Prof. Achumba ( University of Lagos)
WAEC Syllabus For Commerce
1. INTRODUCTION
Meaning, scope, and functions of Commerce, History of Commerce.
2. OCCUPATIONS
Types – Industry, Commerce, Direct and Indirect Services.
3. PRODUCTION
Definition, factors, primary, secondary, and tertiary production. Inter-relationship
between production and exchange.
4. BUSINESS UNITS
(i) Meaning and objectives of the business;
(ii) Forms of Business Units – Sole proprietorship, Partnership, Public and Private Limited Liability Companies, Public Enterprises, and Cooperative Societies;
(iii) Formation, characteristics, advantages, and disadvantages;
(iv) Dissolution/liquidation
5. BUSINESS CAPITAL AND PROFITS
(i) Meaning and types – authorized/registered/nominal/issued capital, called-up, paid
up, capital owned, capital borrowed, liquid/circulating capital;
(ii) Calculation of working capital, the importance of working capital;
(iii) Profit – meaning, types, and calculation of profits;
(iv) Turnover – meaning and calculation.
6. TRADE ASSOCIATIONS
(i) Aims and functions of trade associations;
(ii) Chamber of Commerce, Employers’ Association, Consumer Association and
Manufacturers’ Association – Aims and functions.
7. TRADE
Purpose and branches of trade – Home Trade and Foreign Trade.
(a) HOME TRADE
(i) Retail Trade – Functions of the Retailer and factors to consider in starting
retail business.
Small-scale and large-scale retailing. Types of Retail outlets, the main
characteristics of each.
Trends in Retailing – branding, after-sales service, self-service, vending
machines, luncheon, and fuel vouchers.
(ii) Wholesale Trade – Functions of the wholesaler. Types of wholesalers –
Merchant and Agent wholesalers.
(iii) Warehousing – importance, functions, and types of warehouses.
(iv) Forces making for the elimination and survival of the middleman.
(v) Channels of Distribution – Producer – Wholesaler – Retailer – Consumer.
Factors for the choice of the channels.
(b) FOREIGN TRADE
(i) Basic concepts in International Trade – Terms of trade, the balance of trade,
balance of payment, counter
trade.
(ii) Export, Import, and Entrepot – procedures and documents used. Visible
and Invisible Trade.
(iii) Barriers to International Trade
(iv) Functions of Ports Authority. Customs and Excise Authority, Customs,
Excise and Preventive Services and shipping, clearing, and forwarding
Agents, Export Promotion Council.
8. PURCHASE AND SALE OF GOODS
(i) Procedure and documents;
(ii) Terms of Trade – Trade Discount, Cash discount, a Quantity discount, C.O.D.,
C.I.F., F. O. B., E., and O.E.
(iii) Terms of payment – Cash, hire purchase, and deferred payment;
(iv) Means of payment – Legal tender, cheques, standing order, bank drafts, stamps,
postal orders, money orders, bills of exchange, and promissory notes.
9. FINANCE AND FINANCIAL INSTITUTIONS
(a) MONEY – Meaning, forms, qualities, and functions.
(b) BANKS – Types of Banks – Central Bank, Commercial Banks, and other specialized banks and their features and functions. Types of accounts – current, savings, and fixed deposit accounts, and their main features.
(c) INSURANCE – Meaning and basic principles of insurance – utmost good faith, insurable interest, contribution, indemnity, and proximate cause.
(d) TYPES OF INSURANCE – Fire, personal accident, marine, life and endowment, burglary, insurable and uninsurable risks. Importance of insurance to business and individuals. Procedure for taking an insurance policy.
(e) STOCK EXCHANGE – Meaning and functions, the procedure of transactions, and speculations. Types of securities.
(f) CREDIT – Meaning, types, and functions.
(g) CREDIT UNIONS AND THRIFT SOCIETIES – Meaning and aims, functions
and services provided to
members.
10. TRANSPORT AND COMMUNICATIONS
(a) TRANSPORT
(i) Meaning and importance;
(ii) Forms of Transport – Land, water, air, and pipeline. Advantages and disadvantages of each form.
(iii) Functions of Seaports and Airports.
(b) COMMUNICATION – Meaning, importance, and services of Post Office, Courier Agencies, and other communication agents.
11. INTRODUCTION TO MARKETING
(a) MARKETING
(i) Meaning, importance, and functions;
(ii) The marketing concept, the marketing mix (4p’s), market segmentation, and consumer sovereignty.
(b) ADVERTISING
(i) Meaning, role, types, and media;
(ii) Advantages and disadvantages.
(c) PUBLIC RELATIONS AND CUSTOMER SERVICES
Meaning and importance.
(d) SALES PROMOTION – Trade fairs, exhibitions, gifts, and
demonstrations.
(e) PERSONAL SELLING – Meaning and uses.
12. LEGAL ASPECTS OF BUSINESS
(a) (i) Areas of law that relate to business – Contract, Agency, Sale of Goods
Act, Hire Purchase Act; Trade Description Act.
(ii) Rights and obligations of employer and employee;
(iii) Government regulation of business – Registration of business, patents,
trademarks and copyrights.
(b) CONSUMER PROTECTION
(i) Need for protection;
(ii) Means of protection – Government legislation, Food and Drugs Act, Standard Organisation Act, Trade
Description Act, Consumer Association, Price Control, Product Quality, Factory Shops and Offices Acts, etc.
13. NATIONALISATION AND INDIGENISATION/DIVESTITURE
(i) Meaning and Aims;
(ii) Advantages and Disadvantages.