SYLLABUS

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COMMERCE
1. Introduction:
i. Meaning, scope, and functions of commerce
ii. History of commerce in Nigeria.

2. Occupation
Classification of occupation:- Industry, Commerce, Direct and Indirect services.

4. Production:
Definition, factors of production, specialization/division of labour. Interrelationship between production and exchange.

5. Trade
Purpose and branches of trade - Home trade and Foreign trade.
a. Home trade:
i. Retail trade
- Functions of the retailer, factors to consider in setting up a retail trade.
- Small and large scale retailer.
- Modern trends in retailing:- Branding, Self-service, Vending Machines etc
- Main characteristics, advantages and disadvantages of each type
ii. Wholesale Trade:-
- Types and functions of the wholesaler
- Arguments for and against his elimination and survival
- Kinds, importance and functions of warehouse
- Channels of distributions
- Functions of and types of agents.
b. Foreign Trade:
Meaning and advantages of Foreign trade, Export, Import and Entrepot (visible and invisible items)
- Barrier to foreign trade
- Procedures and documents used in foreign trade
- Concepts in foreign trade:- Terms of trade, balance of trade, balance of payment, counter trade.
- Functions of the Custom Authority
- Export Promotion Council

6. Business Units:
(i) Forms of Business Units:- Sole proprietorship, Partnership, Public and Private Limited Liability Companies, Cooperative Societies and Public Enterprises.
(ii) Meaning, Objectives, Formation, Sources of Capital, Characteristics, Advantages and Disadvantages of the above (i)
(iii) Dissolution / Winding up

7. Trade Associations:
Trade Association and Chambers of Commerce.
- Aims and functions
- Employers Association, Consumers Association and Manufacturers' Association.
- Aims and functions
- Consortium, Cartel, Amalgamation, Trust & holding - meaning and reasons for their formation.

8. Business Capital and Profit.
a. Capital
(i) Meaning and types - Authorised/Registered/Norminal/Issued/Called up/Paid up/ capital owned/ Capital employed/Liquid/Circulating capital.
(ii) Calculation of working capital and its importance
b. Profit
(i) Profit - meaning and types (gross and net)
(ii) Calculation of gross and net profits, calculation of gross or net profit percentage on turnover.
(iii) Turnover - meaning and importance, and its calculation. Variations in different types of business.
Buying and Selling of goods:
(i) Essential documents: - Letters of inquiry, invoice credit and debit notes etc.
Trade terms and Abbreviations:- Trade and cash discount i.e. C.I.F., Franco F.O.B. etc.
Terms of Sales:
(a) Cash: Spot cash, Prompt Cash, Cash on Delivery (COD), Cash with Order (CWO).
(b) Credit: Meaning and functions, Sources of Credit, Credit Instruments.
(c) Hire Purchase: Meaning, Features, Advantages and Disadvantages.
(d) Deferred Payment: Meaning, Features, Advantages and Disadvantages.
(iv) Means of payment:- Legal, tender, cheque, standing order, bank draft, postal and money order, Bill of Exchange and Promissory note.
(v) Credit:- Meaning, types, sources and functions of credit.
Credit Unions and Thrift societies:- meaning, Aims, formation and services provided.

9. Finance and Financial institutions:-
(i) Money:- Meaning, Forms, Qualities and Functions.
(ii) Banks:-
(a) Types of banks - Central bank, Commercial banks and other specialized banks :- Industrial Development bank, Agricultural Development bank, etc
(b) Types of Accounts:- Current, saving and fixed deposit accounts and their main features.
(iii) Stock Exchange: Meaning, Functions and Importance, Organisational Set up, Procedure of transactions, and Speculations (Bears, Bulls, Stags, Jobbers & Brokers).
(iv) Second tier Security Market (SSM):- Meaning, Advantages to both companies and public investors, and operating regulations.
(v) Insurance:
(a) Meaning of insurance and its importance to business and individuals.
(b) Basic principles of insurance:- Utmost Good Faith, Insurable Interest, Contribution, Subrogation, Indemnity, and Proximate Cause.
(c) Types of insurance - Fire, Marine, Life, Fidelity, Group, Personal Accidents, Export credit etc.
(d) Underwriting: Reinsurance Corporation of Nigeria
(e) Role of insurance brokers and agents.

10. Transport and Communications
(a) i. Transportation:- Meaning and Importance
ii. Forms of transport:- Land, Water, Air, Pipeline their advantages and disadvantages; and documents involved in each.
iii. Ports Authority:- Functions and relationship with the department of Custom & Excise.
iv. Nigeria Airport Authority:- Functions and relationship with Nigerian Airways.
(b) Communications: Meaning and functions:
i. Nigerian traditional means of communications e.g gong, drums etc.
ii. Postal, Telegraphic and Telephone services provided by NIPOST and NITEL
iii. Courier services.

11. Introduction to Marketing.
(a) Marketing:-
(i) Meaning, Importance and Function
(ii) Marketing concept, Marketing mix Iie the four marketing Ps:- Product, Price, Place and Promotion).
(iii) Market segmentation and consumer sovereignty
(b) Advertising:-
(i) Meaning, role and types (informative, persuasive, competitive, mass and specific).
(ii) Methods (direct and indirect):-
(iii) Media (Cinema, Window display, Catalogues, Bill board) etc
(iv) Merits and demerits of advertising
(v) Consumer protection advertising.
(c) Public Relations and Customer services.
(i) Public relations:- Meaning and importance
(ii) Customer service:- After sale service, home deliveries etc.
(d) Sales Promotion - Trade fairs, exhibitions, gift and demonstration
(e) Personal Selling - Meaning and uses.

12. Introduction to Business Management
A. Business:
i. Meaning and objectives of business
ii. Business resources (Human, Money, Material and Opportunities)
B. Management of Business:
i. Business and its environment
ii. Social responsibilities of business (scholarship award, sponsoring educative programme on TV & Radio, provision of social amenities)
C. Structure of Business.
(i) Organizational set-up (ii) Authority (iii) Responsibility (iv) Span of Control
(v) Inter-intra departmental communication.

12. Legal Aspect of Business
(a) (i) Branches of Commercial Law: e.g Sale of goods, Contract, Agency, Hire Purchase
Rights and Obligations of the employer and the employee
Government regulations of business (registration of business, patent, trade - mark, copyright).
(b) Consumer Protection
(i) Need for protection
(ii) Instrument for protection
(a) Legislative: - Trade Description Act of 1968, Sale of Good Act of 1978, etc.
(b) Regulatory: - Standard Organisation of Nigeria, Food & Drugs Department of Ministry of Health, Rent Tribunal, Consumers' Association, Producers' Association Price Control, Sanitary Inspectors, Environmental Protection Agencies. etc.

13. Nationalization, Indigenisation and Economic Grouping in W/Arica
(a) Nationalization: Meaning, Aims, Advantages and Disadvantages.
(b) Indigenisation:- Meaning, Aims, Advantages and Disadvantages.
(c) Economic Grouping in West Africa:-
(i) ECOWAS (ii) Niger Basin Commission (NBC) (iii) Lake Chad Basin Commission (LCBC), their history, member countries, objectives and obstacles.

SCHEME OF EXAMINATION:
There will be two papers, Paper I and Paper 2, both of which will constitute a composite paper to be taken at one sitting.
PAPER I: Will consist of fifty multiple choice questions to be answered in 50 minutes for 50 marks.
PAPER II: Will consist of eight essay type questions out of which candidates will be required to answer any five within 2 hours for 100 marks.
.
DETAILED SYLLABUS
S/NO CONTENTS NOTES
1. INTRODUCTION
i. Definition of Commerce and E - Commerce
ii. History/Background of Commerce
iii. Scope of Commerce and E Commerce
iv. Functions of Commerce and E Commerce

2. OCCUPATION
i. Meaning of Occupation
ii. Types;- Industrial, Commercial, Service Occupation
iii. Factors that determine types of occupation / employment
Career Opportunities

3. PRODUCTION
i. Meaning
ii. Factors – land, labour, capital and entrepreneurship
iii. Types:- Primary, Secondary and Tertiary production
iv. Division of labour/specialization
- meaning
- types
- advantages and disadvantages,
- limitation
v. Inter-relationship between production and exchange

4. BUSINESS UNITS
i. Meaning and objectives of business
ii. Forms of business units
— Sole proprietorship,
— Partnership,
— Co-operative Societies,
— Credit Union and Thrift Societies,
— Public enterprises,
— Companies -
iii. Types, Formation, characteristics, comparison, advantages and disadvantages
iv. Sources of capital of each forms of business
v. Meaning and purpose of
- Amalgamations,
- Mergers and acquisitions
- Trust,
- Holding companies and Subsidiaries
- Consortium and Cartel
vi. Dissolution/Liquidation of Companies/Partnership.

5. TRADE ASSOCIATIONS
Aims and functions of
i. Trade Association
ii. Chamber of Commerce, Employers Association
iii. Consumer Association/Consumerism

6. BUSINESS CAPITAL AND PROFITS i. Meaning and types - Authorized/Registered/Normal capital, called-up, paid-up capital, capital owned, liquid/circulating capital
ii. Credit - Meaning, Sources, Instrument and Functions
iii. Calculation of working capital, the Importance of working capital
iv. Profits - Meaning, types and calculation of profit
v. Turnover - Meaning, calculations and factors affecting turnover.

7. TRADE
(a) HOME TRADE Purpose and branches of trade –
Home Trade and Foreign Trade – Meaning and Differences
i. Retail trade:
Functions of retailer
- Factors to consider in starting a retail business
- Reasons for success/failure of retail business.
ii. Small scale and large scale retailing –
Types of Retail Outlets,
- Unit shops, Stalls, Hawkers, Kiosks, Mobile shops, Supermarket, Chain Stores, Department Stores, Shopping malls, Hypermarkets and Mail Order business
The main characteristics of each.
- Advantages and disadvantages.
- Modern trends in retailing – branding, self service, Vouchers. Vending machines, credit cards.
iii. Wholesale trade - Functions of Wholesalers Types of Wholesalers. Factors. Merchant and agent Wholesalers
iv. Factor making for elimination and survival of middlemen
v. Channel of Distribution:
Meaning, Types.
Factors for choice of Channel

(b) FOREIGN TRADE
i. Meaning -
Types: Import, export and entreport
ii Basic concept in International trade - terms of trade, balance of trade, balance of payment -favourable, unfavourable, visible and invisible items, bilateral and multilateral agreements and counter trade
iv. Advantages and Disadvantages
v. Barriers to Foreign trade –
vi. Tariffs –
Meaning
Reason for tariffs,
vii. Functions of port and Airports Authorities, Customs and Excise Authority and Shipping, Clearing and forwarding Agents. Exports promotion Council.

8 PURCHASE AND SALE OF GOODS IN HOME AND FOREIGN TRADE
i. Procedure and documents used in business - Order, Indent, Consular Invoice, Ordinary Invoice, Credit/Debit notes, Proforma Invoice, Letter of hypothecation, documentary credit, certificate of origin, certificate of inspection, insurance certificate.
ii. Price Quotation - Trade discount, Cash discount, Quantity discount, COD, CWO, CIF, FOB, E & OE, Ex-works, LOCO, FAS, FOR and Franco
iii. Terms of Payment: Cash/Spot Payment, Purchase and deferred payment.
iv. Means of payment - Legal tender – (bank notes and coins), cheques, standing order, bank draft, stamps, postal-orders, money orders, bills of exchange and promissory Note, mail transfer, traveller’s cheques, telegraphic transfer. E-payment
9.

10. FINANCE AND FINANCIAL INSTITUTIONS
A. MONEY

B. BANKS

C. INSURANCE

D. CAPITAL MARKET

E. STOCK EXCHANGE
(first tier)

F. COMMODITY EXCHANGE

TRANSPORT, TOURISM, COMMUNICATION and WAREHOUSING
A. TRANSPORT,

B. TOURISM

C COMMUNICATION

D. WAREHOUSING i. Meaning
ii. Evolution/History
iii. Forms
iv. Qualities and functions.
i. Types of Banks - Central Bank, Commercial Banks and other specialized banks e.g. Development Bank, Mortgage Bank, Building Society, Micro finance institutions, - their features and Functions.
Bureau-de-change (Meaning and Functions)
ii. E. Banking –
Meaning,
forms - ATM, Money transfer -
E Payment – online transfer
iii. Types of Accounts: Current, Savings and Fixed Deposit Account - Their main features
i. Meaning and basic principles –
utmost good faith, insurable interest, indemnity and subrogation, Contribution and proximate cause
ii. Types of Insurance
a. life Insurance
- Whole life Assurance
- Endowment
b. Non life Insurance
- Motor vehicle
- Fire
- Fidelity
- Burglary/Robbery/Theft
- Accidents
- Consequential Loss
- Marine
c. Types of Risk
i. Insurable Risk e.g. fundamental risks
- Pure risk
- Particular risk

ii. Uninsurable risk
- speculative risk
d. Importance of Insurance to business and individual.
e. Procedure for taking an Insurance Policy.
f. Underwriting - meaning
g. Re-insurance - Meaning and purpose
i. Meaning
ii. Functions
iii. Methods of raising funds by companies - offer for sale, offer for subscription, rights issue, private placement, issue by tender
Second tier Security market
i. meaning and functions
ii. Advantages to Companies/Public
iii. Requirement for listing
i. Meaning and functions,
ii. Importance
iii. Transactions on the stock exchange
iv. Speculators - Meaning and Types
v. Types of Security - Shares, Stock, Bond gilt edge, debentures/Convertible loans
i. Meaning
ii. Types of tradable commodities
iii. Requirements for trading - Grading, Standardizing, Warehousing, Clearing system
iv. Method of Trading - open outcry and electronic mechanisms
v. Benefit of Commodity exchange

(i) Meaning
(ii) Importance
(iii) Choice of transport
(iv) Forms
(a) Land
(b) Water
(c) Air
(d) Pipeline
(v) Advantages and disadvantage of each form
(vi) Documents - Waybills, Consignment note, tickets and manifest
(i) Meaning
(ii) Advantages and disadvantages
(i) Meaning
(ii) Types – Oral. Written, Visual, Non-verbal, Non-visual, Traditional,
(iii) Advantages and Disadvantages
(iv) Importance and services of Post Office
(v) Courier Agencies and other communication agencies – Telephone system, satellite services, internet- E-mail
(vi) Computer Appreciation
- meaning,
- component parts,
- advantages and disadvantages.
(i) Meaning
(ii) Importance
(iii) Functions
(iv) Types
(v) Advantages
11. ADVERTISING
(i) Meaning
(ii) Roles, advantages and disadvantages

(iii) Types - informative, persuasive, Competitive, mass/specific
(iv) Methods - direct and indirect
(v) Media- meaning, choice and types
12 INTRODUCTION TO MARKETING

A. MARKETING

B. Marketing Concept

C. Customer Services

D. Sales Promotion

(i) Meaning
(ii) Importance
(iii) Functions
(iv) Differences between market and marketing, market and marketing research.

The Marketing mix 4ps
(i) Meaning
(ii) Components
- Products,
- price,
- place and
- promotion
(i) Meaning
(ii) Importance

Types – Pre and after sales services
(i) Meaning
(ii) Methods
Trade fairs, exhibitions, gifts, demonstration
Personal Selling
Meaning
Importance
13. LEGAL ASPECT OF BUSINESS

Areas of law that relate to Business

Consumer Protection (i) Contract
- Meaning -
- Elements of a valid contract
- Discharge of a contract
(ii) Agency
- Meaning
- Creation
- Duties and responsibilities of principals and agents
- Termination
(iii) Sales of goods Act
(iv) Hire Purchase Act
(v) Rights and Obligations of employer and Employee
(vi) Government regulation of Business - patents, copyright. Trade mark
(vii) Registration of Business
- Meaning and uses
(i) Meaning
(ii) Need for protection
(iii) Means of protection
(iv) Consumerism
Meaning
Means, Instrument of protection
Government Legislation - food and drugs Act standard organization Act - Price Control Act - Factory, Shops and Offices Act – Product quality
14. Government policies relating to business
A. Commercialsation
B. Privatisation
C. Deregulation

(i) Meaning and Reasons
(ii) Advantages and disadvantages
(iii) Comparison/differences
15. INTRODUCTION TO BUSINESS
MANAGEMENT i. Meaning
ii. Objectives of business
iii. Meaning of Business Management
iv. Functions
v. Business Resources
- Man, Money, Materials Opportunities/Goodwill
vi. Structure of Business organizational setup
Organisational chart, Departments, Functions
of each, Authority, Delegation of Authority
- Responsibility Span of Control
Meanings
vii. Business and its environment Economical
- Political Competition Technological etc
viii. Social responsibility of Business to the Society
ix. Importance of Inter and Intra departmental
communications
16. ECONOMIC GROUPINGS
A. ECOWAS
B NIGERBASIN .
COMMISSION (NBC)
C. LAKECHADBASIN
COMMISSION (LCBC)
D. MANO-RIVER UNION
E. EUROPEAN UNION
F. WEST AFRICAN CLEARING HOUSE i. History
ii. Membership
iii. Objectives
iv. Achievements
v. Problems/Obstacles

RECOMMENDED TEXTBOOKS
i. Senior Secondary Commerce, Book One, two and three by M. O. Odedokun, P. C. Udokogu and C. O. N. Oguji.
ii. Basic Marketing- McCarthy Jerome, E. , William Perreault Jr.
iii. Marketing – G. B. Giles ( The M & E hand book services)
iv. Consumer Behaviour – Prof. Achumba ( University of Lagos