Store Management Waec Syllabus

Below is this years Waec Syllabus for Store Management. Note that this syllabus is for both internal and external candidates.

Aims and Objectives

  • 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

Scheme of 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 Store Management Syllabus

Introduction to Store Management

  1. Store Management
    • Meaning of store management;
    • Importance of store management;
    • Functions of a store manager;
    • Characteristics of a store manager;
    • Customer services:
      • pre-sale services
      • after-sale services
  2. Functions of Management
    • Planning;
    • Organization;
    • Leading;
    • Staffing;
    • Controlling.
  3. Factors to be considered in establishing a Store
    • Market
    • Finance
    • types of stock
    • transport
    • accessibility
    • security
    • government regulation
    • personnel.

Concepts of retailing and wholesaling

  1. Retailing
    • Definition
    • Functions of a retailer
  2. Wholesaling
    • Definition;
    • Functions of a wholesaler
  3. Warehousing
    1. The meaning of warehousing
    2. types of warehousing;
    3. the importance of warehousing
  4. Transportation
    • definition;
    • means of transportation;
    • advantages and disadvantages of each means of transportation;
    • factors that will determine the choice of transport

Stock Control

  1. Introduction to Stock Control
    • Meaning of stock control;
    • Importance of stock control;
    • Types of stock records-Stock list, Bin card/ Store Card, Store requisition form and Delivery notes
  2. Methods of Stock Control
    • Manual method;
      • Periodic, perpetual, and annual stocktaking.
    • Computerized method;
    • Levels of stock control;
      • maximum level.
      • minimum level.
      • reorder level.
    • Issuing of stock:
      • FIFO and LIF
  3. Pricing
    • Definition of pricing
    • Types of pricing:
      • skimming
      • mark-up
      • mark-down
      • penetration
      • below or above mark pricing

Organizational policy

  1. Organizational Policy
    • Definition
    • Employment policy
    • Decision;
      • customer services
      • public relations
  2. Organizational Standards
    • Definition of standards;
    • Productivity standards;
    • Standard for customer satisfaction
  3. Organizational Culture
    • Definition of culture;
    • Explanation of organizational culture;
      • attitude to customers
      • relationship with co-workers
      • relationship with the Boss
      • dress code

Business Communication

  1. Overview of Communication
    • Definition of communication;
    • Types of communication;
      • oral, written and non-verbal.
    • (iii) Business documents;
      • letters, memos, reports and circulars
  2. Electronic Communication
    • Definition of communication;
    • Means of communication
      • fax, telephone, email, radio messages.
    • Word Processing – Using a computer to write business letters

Business Law

  1. Overview of Basic Business Law
    • definition
  2. Law of contract
    • elements of a contract.
    • Rights and obligations of employer and employee
  3. Agency
    • Definition
    • Types of agents
    • Creation of agency
    • Rights and obligations of principals and agents
  4. Sale of Goods Act
    • Contract of sale
    • Formalities of sale
  5. Government Regulation of Business:
    • Meaning and uses of :
      • Patent right;
      • Copyright;
      • Trademark.
    • Health and Safety at Work Act.
    • Consumer Protection agency
    • License
  6. Government Regulatory Agencies

Record Keeping

  1. Documentation
    • Definition of filing and indexing
    • Rules of filing
    • Filing and indexing method
  2. Source document
    • Meaning;
    • Types.
      • Invoices, receipts, cheques, vouchers
  3. Trade Documents
    • 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
    • Documents used in the home trade.
      • Order, Enquiry, Waybill, Consignment note, Manifest, invoice, proforma invoice Receipts, Credit and Debit note, Vouchers

Book Keeping

  1. Subsidiary Books
    • Meaning, Types, Uses, Purchase and Sales day book, Returns outwards/inwards books, Cash books
  2. Imprest System
    • Definition and description of the imprest system;
    • Preparation of petty cash book
  3. Final Accounts
    • Definition and purpose;
    • Simple Trading, Profit and Loss Account and Balance sheet
  4. Sales / Turnover
    • Meaning;
    • Calculation of rate of sales turnover

Risk Management Risk Management

    • Definition;
    • Methods of risk management.
      • Sound management practices
      • Reduction of risks – optimum stock level
      • Hedging
      • Risk transfer through insurance

Handling Finances of the Store 10.1 Investments

  1. Investments
    • Meaning
    • Capital Investment:
      • Meaning
      • investment in the capital market;
      • functions of the Stock Exchange;
      • advantages of shareholding.
    • Money market instruments:
      • Meaning
      • treasury bill;
      • commercial papers;
      • bonds
  2. Taxation
    • Meaning of tax;
    • Importance of tax;
    • Types of tax.
      • Income tax, Import duties, excise duties, VAT

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