WAEC BUSINESS MANAGEMENT SYLLABUS 2024

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.

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.

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

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).

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

SUGGESTED READING LIST
NAME	PUBLISHER	TITLE
Ansah, J.K.	Wilas Press Ltd	Introduction to
		Business
		Management
Attieku, B, Marfo-Yiadom, E	Smartline Limited	Business
Dorkey, T and Tekyi, K.		Management
Boachie-Mensah, F.O	Woeli Publishing	Essentials of
	Services	Management
Browne, D., Barass, M.,	Heinemann Education	Business
W., Dransfield, R and	Publishers	Studies
Needham D.		for AS Level
Buckley, M. Brindley, B
and Greenwood, M.S,	Longman Group	Business Studies
Callaghan, P (ed).	Sunderhid Tyre and	Business
	Wear	Advanced
		Level
Carysforth, C and Neild, M	Heinemann Education	Intermediat
	Publishers	Business
Danks, S.	DP Publication	Advanced
		Business
		Studies
Du Toit, G S, Erasmus, B G,	Oxford University	Introduction to
and Strydom, J W,	Press South Africa	Business
	Management
Fardon, M. (ed)	Osborne Books	Business Studies,
	Limited
Needham, D. and Dransfield, R	Stanley Thornes	Business Studies,

NAME	PUBLISHER	TITLE
Needle, D	International Thomson	Business in
	Business Press	Context
Nickels, W.G McHugh,	Irwin McGraw-Hill	Understanding
J.M And McHugh, S.M.		Business
Marfo-Yiadom, E	Excellent Printing &	Introduction to
	Publishing	Business
Redmond, PWD	Pitman Publishing Ltd	Mercantile Law

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