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
- 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
- Functions of Management
- Planning;
- Organization;
- Leading;
- Staffing;
- Controlling.
- Factors to be considered in establishing a Store
- Market
- Finance
- types of stock
- transport
- accessibility
- security
- government regulation
- personnel.
Concepts of retailing and wholesaling
- Retailing
- Definition
- Functions of a retailer
- Wholesaling
- Definition;
- Functions of a wholesaler
- Warehousing
- The meaning of warehousing
- types of warehousing;
- the importance of warehousing
- Transportation
- definition;
- means of transportation;
- advantages and disadvantages of each means of transportation;
- factors that will determine the choice of transport
Stock Control
- 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
- 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
- Manual method;
- Pricing
- Definition of pricing
- Types of pricing:
- skimming
- mark-up
- mark-down
- penetration
- below or above mark pricing
Organizational policy
- Organizational Policy
- Definition
- Employment policy
- Decision;
- customer services
- public relations
- Organizational Standards
- Definition of standards;
- Productivity standards;
- Standard for customer satisfaction
- Organizational Culture
- Definition of culture;
- Explanation of organizational culture;
- attitude to customers
- relationship with co-workers
- relationship with the Boss
- dress code
Business Communication
- Overview of Communication
- Definition of communication;
- Types of communication;
- oral, written and non-verbal.
- (iii) Business documents;
- letters, memos, reports and circulars
- Electronic Communication
- Definition of communication;
- Means of communication
- fax, telephone, email, radio messages.
- Word Processing – Using a computer to write business letters
Business Law
- Overview of Basic Business Law
- definition
- Law of contract
- elements of a contract.
- Rights and obligations of employer and employee
- Agency
- Definition
- Types of agents
- Creation of agency
- Rights and obligations of principals and agents
- Sale of Goods Act
- Contract of sale
- Formalities of sale
- Government Regulation of Business:
- Meaning and uses of :
- Patent right;
- Copyright;
- Trademark.
- Health and Safety at Work Act.
- Consumer Protection agency
- License
- Meaning and uses of :
- Government Regulatory Agencies
- NAFDAC, NDLEA, SON
Record Keeping
- Documentation
- Definition of filing and indexing
- Rules of filing
- Filing and indexing method
- Source document
- Meaning;
- Types.
- Invoices, receipts, cheques, vouchers
- 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
- Documents used in foreign trade;
Book Keeping
- Subsidiary Books
- Meaning, Types, Uses, Purchase and Sales day book, Returns outwards/inwards books, Cash books
- Imprest System
- Definition and description of the imprest system;
- Preparation of petty cash book
- Final Accounts
- Definition and purpose;
- Simple Trading, Profit and Loss Account and Balance sheet
- 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
- 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
- Taxation
- Meaning of tax;
- Importance of tax;
- Types of tax.
- Income tax, Import duties, excise duties, VAT
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Is the Store Management WAEC syllabus the same for SSCE and GCE candidates?
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The Store Management syllabus sets out the aims and objectives, the scheme of examination (papers, duration and marks) and the detailed list of topics and subtopics that your exam questions are drawn from.
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Yes. WAEC standardises the Store Management syllabus across all member countries, so candidates in Nigeria, Ghana, Sierra Leone, The Gambia and Liberia study the same content.
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Yes. This is the current Store Management syllabus, covering the May/June, Nov/Dec and Jan/Feb WASSCE cycles. It was last reviewed on January 21, 2024.
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