This will be a 2½ hour paper consisting of 10 essay-type questions, out of which candidates will be expected to answer any five. All questions carry equal marks, and the paper will carry 75% of the total marks.
The following topics and areas make up the WAEC syllabus for SSCE students.
- Meaning, scope and functions of Commerce.
- History of Commerce.
- Types – Industry, Commerce
- Direct and Indirect Services
- Definition and factors of production
- Primary, secondary and tertiary production.
- Inter-relationship between production and exchange.
4. BUSINESS UNITS
- (i) Meaning and objectives of a 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.
- 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 a Retail Business.
- Small-scale and large-scale retailing.
- Types of Retail outlets and 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.
Ad: See this year’s Waec Question Samples
(b) FOREIGN TRADE
(i) Basic concepts in International Trade
- Terms of trade
- 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
- Export Promotion Council.
8. PURCHASE AND SALE OF GOODS
(i) Procedure and documents
(ii) Terms of Trade
- Trade Discount
- Cash discount
- Quantity discount
- F. O. B.,
- E. and O.E.
(iii) Terms of payment
- Cash, hire purchase and deferred payment;
(iv) Means of payment
- Legal tender
- standing order
- bank drafts
- 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.
- 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, procedure of transactions and speculations.
- Types of securities.
- Meaning, types and functions.
(g) CREDIT UNIONS AND THRIFT SOCIETIES
- Meaning and aims,
- functions and services provided to members.
10. TRANSPORT AND COMMUNICATIONS
- (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.
- Meaning, importance and services of Post Office, Courier Agencies and other communication agents.
11. INTRODUCTION TO MARKETING
- (i) Meaning, importance and functions;
- (ii) The marketing concept, the marketing mix (4p’s), market segmentation and consumer sovereignty.
- (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) Legal Issues
(i) Areas of law that relate to business
- 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
- trademarks and
(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.
14. ECONOMIC GROUPINGS
- Niger Basin Commission (NBC)
- Lake Chad Basin Commission (LCBC)
- Mano River Union
- European Economic Community (EEC)
- African Caribbean and Pacific (ACP)
- International Bank for Reconstruction and Development (IBRD)
- International Monetary Fund (IMF)
- United Nations Conference on Trade and Development (UNCTAD)
- Objectives and Obstacles of each.
SUGGESTED READING LIST
- Commerce for Senior Secondary Schools by Odedokun, Udokogu and Ogiyi – Longman Nigeria Publications.
- Commerce for Senior Secondary Schools by CESAC, Shanelson Publishers, Ibadan.
- Modern Commercial Knowledge by L. W. T. Stafford.
- Marketing by G. B. Giles.
- Basic Marketing by Jerome McCarthy.
That is all for Commerce WAEC Syllabus. Do well to share this information.
Check out the following related subjects.