Store Management WAEC Syllabus: Below is this year’s syllabus for Store Management. Note that this syllabus is for both internal and external candidates.
STORE MANAGEMENT WAEC SYLLABUS
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1. PREAMBLE
The syllabus is designed to assess the candidates’ basic knowledge of store management, customer satisfaction and the understanding of entrepreneurial skills in managing a small or big store.
2. AIM AND OBJECTIVES
The examination, therefore, intends to test candidates’:
- Understanding of the rudiments of running a store and entrepreneurial skills.
- Understanding of the concepts of wholesaling and retailing, basic business documents and how to handle business finance.
- Ability to relate concepts learned to control stock, keep records and manage business risk.
3. SCHEME OF THE EXAMINATION
There will be two papers, Paper 1 and Paper 2, which will be combined into a composite paper and taken in one sitting.
PAPER 1 will consist of fifty multiple-choice questions, which will last for 1hour and carry 50 marks.
PAPER 2 will consist of seven essay questions, of which candidates will be required to answer any five in 2 hours for 100 marks.
DETAILED SYLLABUS
1. Introduction to Store Management 1.1 Store Management:
- (i) Meaning of store management;
- (ii) Importance of store management;
- (iii) Functions of a store manager;
- (iv) Characteristics of a store manager;
- (v) Customer services:
- – pre-sale services
- – after-sale services
1.2 Functions of Management:
- (i) Planning;
- (ii) Organization;
- (iii) Leading;
- (iv) Staffing;
- (v) Controlling.
1.3 Factors to be considered in establishing a store –
- Market, Finance, types of stock, transport, accessibility, security, government regulation and personnel.
2 Concepts of retailing and wholesaling. 2.1 Retailing:
- (i) Definition;
- (ii) Functions of a retailer;
2.2 Wholesaling:
- (i) Definition;
- (ii) Functions of a wholesaler;
2.3 Warehousing;
- – Meaning of warehousing
- – types of warehousing;
- – the importance of warehousing;
2.4 Transportation:
- – definition;
- – means of transportation;
- – advantages and disadvantages of each means of transportation;
- – factors that will determine the choice of transport.
3. Stock Control 3.1 Introduction to Stock Control:
- (i) Meaning of stock control;
- (ii) Importance of stock control;
- (iii) Types of stock records-Stock list, Bin card/ Store Card, Store requisition form and Delivery notes.
3.2 Methods of Stock Control:
- (i) Manual method;
- – Periodic, perpetual and annual stocktaking.
- (ii) Computerized method;
- (iii) Levels of stock control;
- – maximum level.
- – minimum level.
- – reorder level.
- (iv) Issuing of stock:
- – FIFO and LIFO.
3.3 Pricing:
- (i) Definition of pricing;
- (ii) Types of pricing;
- – skimming
- – mark-up
- – mark-down
- – penetration
- – below or above mark pricing
4. Organizational policy
4.1 Organizational Policy:
- (i) Definition;
- (ii) Employment policy;
- (iii) Decision;
- – customer services
- – public relations
4.2 Organizational Standards:
- (i) Definition of standards;
- (ii) Productivity standards;
- (iii) Standard for customer satisfaction.
4.3 Organizational Culture:
- (i) Definition of culture;
- (ii) Explanation of organizational culture;
- – attitude to customers
- – relationship with co-workers
- – relationship with the Boss
- – dress code
5. Business Communication
5.1 Overview of Communication:
- (i) Definition of communication;
- (ii) Types of communication;
- – oral, written and non-verbal.
- (iii) Business documents;
- – letters, memos, reports and circulars.
5.2 Electronic Communication:
- (i) Definition of communication;
- (ii) Means of communication
- – fax, telephone, email, radio messages.
- (iii) Word Processing – Using a computer to write business letters.
6. Business Law
6.1 Overview of Basic Business Law:
- – definition.
6.2 Law of contract:
- – elements of contract.
- – Rights and obligations of employer and employee.
6.3 Agency:
- (i) Definition;
- (ii) Types of agents;
- (iii) Creation of agency;
- Rights and obligations of principals/agents
6.4 Sale of Goods Act:
- (i) Contract of sale;
- (ii) Formalities of sale;
6.5 Government Regulation of Business:
- (i) Meaning and uses of :
- Patent right;
- Copyright;
- Trademark.
- (ii) Health and Safety at Work Act.
- (iii) Consumer Protection agency
- (iv) License
6.6 Government Regulatory Agencies:
- – NAFDAC, NDLEA, SON
7. Record Keeping
7.1 Documentation:
- (i) Definition of filing and indexing;
- (ii) Rules of filing;
- (iii) Filing and indexing method.
7.2 Source document:
- (i) Meaning;
- (ii) Types.
- – Invoice, receipts, cheques, vouchers
7.3 Trade Documents:
- (i) Documents used in foreign trade;
- Bills of Lading, Certificates of Origin, Consular invoice, Insurance certificate, inspection certificates, Bills of
- Exchange, Indent, Letters of Credit, Proforma invoice
- (ii) Documents used in the home trade.
- Order, Enquiry, Waybill, Consignment note, Manifest, invoice, proforma invoice Receipts, Credit and Debit note, Vouchers
8 Book Keeping
8.1 Subsidiary Books.
- – Meaning, Types, Uses, Purchase and Sales day book, Returns outwards/inwards books, Cash books.
8.2 Imprest System:
- (i) Definition and description of the imprest system;
- (ii) Preparation of petty cash book.
8.3 Final Accounts:
- (i) Definition and purpose;
- (iii) Simple Trading, Profit and Loss Account and Balance sheet.
8.4 Sales / Turnover:
- (i) Meaning;
- (ii) Calculation of rate of sales turnover.
9 Risk Management Risk Management:
- (i) Definition;
- (ii) Methods of risk management.
- – Sound management practices
- – Reduction of risks – optimum stock level
- – Hedging
- Risk transfer through insurance
10 Handling Finances of the Store 10.1 Investments:
10.1 Investments:
- Meaning
- (i) Capital Investment:
- – Meaning
- – investment in the capital market;
- – functions of the Stock Exchange;
- – advantages of shareholding.
- (ii) Money market instruments:
- – Meaning
- – treasury bill;
- – commercial papers;
- – bonds,
10.2 Taxation:
- (i) Meaning of tax;
- (ii) Importance of tax;
- (iv) Types of tax.
- Income tax, Import duties, excise duties, VAT
That is on Store Management WAEC Syllabus.
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