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Waec 2021 Business management syllable.

WAEC Business Management Syllabus 

PREAMBLE

The course in Business Management at the senior school level embraces principles and activities in the core functional areas of business management. It also covers legal environment of business, information technology, globalization, economic integration and entrepreneurship.

  1. AIMS

            The examination therefore intends to test candidates’

(i)         understanding and appreciation of the basic concepts, principles and practices of business management;

(ii)        understanding of the role of business management in an economy;

(iii)       ability to relate the concepts and principles of business management to practical business situations.

(iv)       ability to pursue further studies in business management.

3.         SCHEME OF EXAMINATION

            There will be two papers, Paper 1 and Paper 2; both of which will constitute a composite paper and will be taken at a sitting.

PAPER: 1 This will consist of fifty compulsory multiple-choice objective questions which will cover the entire syllabus and will carry 30 marks. It will last1 hour.

PAPER: 2 It will consist of a compulsory case study question and seven other essay questions, out of which candidates will be expected to answer any three. The case study will range between 200 and 250 words and will carry 25 marks, while the other questions will carry equal marks of 15 each. The paper will therefore carry a total of 70 marks.

  1. DETAILED SYLLABUS

TOPICS

NOTES


1. NATURE OF MANAGEMENT

1.1  Meaning and Process of Management

1.2  Forms of Business Organization

1.3  Business and Society

2. FUNCTIONS OF MANAGEMENT

2.1 Planning and Decision Making

1.1.1     Meaning of Management and administration

1.1.2    Basic Functions of

1.1.3    Levels of Management

1.1.4   Types and Roles of Managers

1.1.5    Difference between Administration and Management

1.2.1  Meaning of Business Organization

1.2.2. Identification of Major Forms: (Sole Proprietorship, Partnership,Limited Liability Company, Public orations, Co-operative society)

1.2.3. Procedures for the formations/Characteristics,

advantages and disadvantages of each form.

1.2.4 Causes of business failure.

1.3.1 Meaning of Business Environment Business Environment,

1.3.2 Forces in the Businesses Environment

1.3.3 Ethical, legal and social responsibilities of Businesses.

1.3.4 Primary and Secondary stakeholders – meaning and differences.

1.3.5 Responsibilities of businesses towards

2.1.1 Meaning and importance of planning

2.1.2 Steps in planning, Types

2.1.3 Meaning and of planning, Limitations to planning

2.1.3 Meaning and importance of decision making.

TOPICS

NOTES

2.1.4   Step in the decision making process.

2.1.5  Types of (Programmed and Non-

programmed) decisions.

2.1.6

Levels of management decisions.

2.2

Organizing

2.2.1 Meaning, importance and activities of

organizing

2.2.2 Principles of organizing,

Organizational structure and

Organizational chart

2.2.3 Centralization and decentralization-

meaning differences, advantages and

disadvantages.

2.2.4 Meaning and benefits of delegation.

2.2.5 Reasons why managers do not delegate

2.2.6 Reasons why subordinates do not

accept Delegation

2.2.7

Guidelines for delegation

2.3

Directing

2.3.1

Meaning and elements of directing

2.3.2

Motivation – meaning, intrinsic and

extrinsic factors

2.3.3

Maslow’s Hierarchy of Needs.

2.3.4

Leadership importance of  good

leadership.

2.3.5

Leadership styles and Sources of

power available to leaders.

2.3.6 Communication –meaning,

importance,

channel formal and informal

2.3.7

The Communication process

2.3.8

Barriers to communication

2.3.9

Guidelines to effective

communication

2.4

Controlling

2.4.1

Meaning and reasons for controlling

2.4.2

Steps in controlling.

2.4.3

Tools for controlling

TOPICS

NOTES

3.

MANAGEMENT

3.1

Concept of ICT

INFORMATION

3.2  Data and information, meaning,

TECHNOLOGY

differences;

and sources of  business information

3.3  Functions of the computer

3.4

Applications of computers in Business

3.5

Advantages and challenges of the use of

Computers in business

4.

LEGAL ENVIRONMENT

OF BUSINESS

4.1

Law of Contract

4.1.1. Meaning and elements of contract

4.1.2

Classification of contracts

4.1.3  Vitiating factors (Void and Voidable

contracts)

4.1.4   Ways of discharging a contract

4.2

Principles of Agency

4.2.1 Creation of agency

4.2.2 Rights and duties of a principal

4.2.3 Rights and duties of an agent

4.2.4 Termination of agency

4.3

Negotiable Instruments

4.3.1 Meaning and characteristics of

negotiable instruments

4.3.2 Types of negotiable instruments

(Cheques; Bills of exchange;

Promissory notes)

4.3.3

Cheques: Class, types, advantages,

disadvantages and ways of avoiding

cheque frauds.

5.

FINANCE AND

FINANCIAL

INSTITUTIONS

5.1

Money

5.1.1 Meaning and characteristics of money

5.1.2 Functions of money

5.1.3 Meaning and causes of inflation

5.2

Banking

5.2.1

Types of banks

5.2.2

Functions of the Central bank

5.2.3

Functions of commercial and other

types of banks

5.2.4 Types of bank accounts.

5.2.5 Tools of monetary control

TOPICS

NOTES

5.3 Risk Management

5.3.1 Meaning of risk and risk management

and Insurance

5.3.2 Types of business risks

5.3.3 Meaning and importance of insurance

5.3.4 Principles of insurance

5.3.5 Types of insurance and insurance

Policies

5.4   Stock Exchange

5.4.1 Meaning and functions

5.4.2 Types of securities

6.  ROLE OF GOVERNMENT

IN THE ECONOMY

6.1

Role of government in an economy

6.2

Sources and types of government

revenue

6.3

Purpose of taxation

6.4

Types of taxes and challenges of tax

collection

6.5

Types and items of government

Expenditure

  1. 7.                         INTERNATIONAL TRADAND PROBLEMS OF DEVELOPING 

ECONOMIES

7.1 International Trade

7.1.1

Meaning of trade

7.1.2  Difference between domestic and

international trade

7.1.3  Documents used in domestic and

international trade

7.1.4

Reasons for international trade

7.1.5

Theories of absolute cost and

comparative cost advantage

7.1.6

Restrictions in International trade

Balance of Payments (BOP) and

measures for correcting BOP deficit

TOPICS

NOTES

7.2   Developing Economies

7.2.1

Challenges of developing economies

in relation to International trade

7.2.2  Ways of improving Developing

Economies by Government

7.2.3

Role of the following institutions in

international trade : International

Monetary Fund (IMF), International

Bank for Reconstruction and

Development (IBRD), United Nations

Conference on Trade and

Development (UNCTAD).

  1. GLOBALIZATION AND ECONOMIC 

INTEGRATION

8.1  Globalization                            

8.1.1  Meaning and causes of globalization

8.1.2  Advantages and disadvantages of

Globalization

8.2  Economic integration               

8.2.1 Meaning of economic integration

8.2.2 Roles of the following in economic

integration :

Economic Community  of West

African States (ECOWAS), African

Union (AU), European

Union (EU), P African European Pacific

Countries Association of South and

Eastern Asian Nations (ASEAN).

9.    FUNCTIONAL

MANAGEMENT                       9.1.1 Meaning of human resource

9.1  Elements of Human Management Resource Management         

9.1.2 Functions of human resource management

9.1.3 Steps in the recruitment and selection process

9.1.4 Sources of recruitment

9.1.5 Types of training;

9.1.6 Job Analysis (job description and job specification)

9.1.6 Performance appraisal – meaning and importance

TOPICS

NOTES

9.2

Labour Relations

9.2.1

Meaning of labour  relations, Trade

Unions and industrial relations.

9.2.2  Functions of Trade Unions

9.2.3  Employers’ Association: Meaning and

functions.

9.2.4

Collective bargaining-process

importance and rights of parties

involved.

9.3

Fundamentals of

9.3.1

Meaning of production and production

Production Management

Management.

9.3.2 Forms of Production – extractive,

manufacturing, construction,

commercial and personal services

9.3.3 Factors of production

9.3.4 Meaning of specialization and

exchange

9.3.5 Advantages and disadvantages of

specialization

9.3.6 Types of production process – job,

batch, flow

9.3.7 Steps in production planning and

Control

9.4

Principles of Marketing

9.4.1 Meaning of Marketing: Meaning and

activities.

9.4.2 Market segmentation: Meaning and

bases.

9.4.3

Elements of the marketing mix

(product, price,promotion and place)

9.4.4

Steps in new product development

9.4.5

Stages of product life cycle

(introduction, growth, maturity and

decline)

9.4.6

Functions of packaging and uses of

branding

9.4.7 Factors affecting pricing and pricing

objectives

9.4.8

Promotion: Meaning, importance and

types

9.4.9

Channels of distribution

9.4.10 Functions of wholesalers and retailers

TOPICS

NOTES

9.5 Electronic Commerce

9.5.1

e-commerce: Meaning and

(e -Commerce)

importance.

9.5.2   Meaning of Business Finance.

9.6

Business Finance

9.6.1   Short-term and long-term sources of

finance

9.6.2

Government lending programmes;

Venture capital fund

10.

ENTREPRENEURSHIP

AND SMALL BUSINESS

10.1

Entrepreneurship

10.1.1 Meaning of entrepreneurship

10.1.2 Role of entrepreneurs

10.1.3 Characteristics of an entrepreneur

10.1.4 Content of business plan

10.1.5 Reasons for business successes and

failures

10.1.6 Record Keeping: Meaning,

importance and types.

10.1.7 Time Management: Meaning,

importance and techniques.

10.2

Small Business

10.2.1 Small businesses: Meaning and

categories

10.2.2 Procedures in the formation of small

businesses

10.2.3 Importance of small businesses in the

economy

10.2.4 Challenges of small businesses

10.2.5 Role of government in promoting

small businesses

10.2.6 Ways of sustaining an established

business

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