NECO Syllabus For Commerce 2023 : Welcome to the ultimate resource for the NECO Commerce syllabus, designed to help you excel in the National Examination Council (NECO) exam. As the Senior Secondary School Examination approaches, it’s crucial to start studying early, and this syllabus will be your invaluable guide to mastering the subject.
The Commerce NECO exam consists of two papers, Paper I and Paper II, which are to be taken in a single sitting. Paper I consists of fifty multiple-choice questions, with 50 minutes allotted for completion and a total of 50 points available. On the other hand, Paper II comprises eight essay-style questions, out of which you are required to answer any five within two hours to achieve 100 points.
To prepare comprehensively for the exam, we’ve listed the recommended textbooks for Commerce:
- Senior Secondary Commerce, Books One, Two, and Three by M. O. Odedokun, P. C. Udokogu, and C. O. N. Oguji.
- Basic Marketing – McCarthy Jerome, E., William Perreault Jr.
- Marketing – G. B. Giles (The M & E handbook services)
- Consumer Behaviour – Prof. Achumba (University of Lagos).
Now, let’s delve into the specific topics covered in the Commerce syllabus:
Introduction:
- Definition of Commerce and E-Commerce
- History/Background of Commerce
- Scope of Commerce and E-Commerce
- Functions of Commerce and E-Commerce
Occupation:
- Meaning of Occupation
- Types: Industrial, Commercial, Service Occupation
- Factors that determine types of occupation/employment
- Career Opportunities
Production:
- Meaning
- Factors: land, labor, capital, and entrepreneurship
- Types: Primary, Secondary, and Tertiary production
- Division of labor/specialization (meaning, types, advantages, disadvantages, and limitations)
- Inter-relationship between production and exchange
Business Units:
- Meaning and objectives of the business
- Forms of business units: Sole proprietorship, Partnership, Co-operative Societies, Credit Union and Thrift Societies, Public enterprises, Companies (types, formation, characteristics, comparison, advantages, and disadvantages)
- Sources of capital for each form of business
- Meaning and purpose of amalgamations, mergers, and acquisitions, trust, holding companies, subsidiaries, consortium, and cartel
- Dissolution/Liquidation of Companies/Partnership
Trade Associations:
- Aims and functions of Trade Association
- Chamber of Commerce, Employers Association
- Consumer Association/Consumerism
Business Capital and Profits:
- Meaning and types of capital
- Credit: meaning, sources, and instruments
- Calculation of working capital and the importance of working capital
- Profits: meaning, types, and calculation
- Turnover: meaning, calculations, and factors affecting turnover
Trade:
- Home Trade and Foreign Trade: purpose and branches of trade, meaning, and differences
- Retail trade: functions of a retailer, factors to consider when starting a retail business, reasons for the success/failure of a retail business
- Small-scale and large-scale retailing: types of retail outlets, characteristics, advantages, and disadvantages, modern trends in retailing
- Wholesale trade: functions of wholesalers, types of wholesalers (merchant and agent wholesalers), factors making for elimination and survival of middlemen
- Channel of Distribution: meaning, types, and factors for choosing a channel
- Foreign Trade: meaning, types (import, export, and entrepot), basic concepts in international trade (terms of trade, balance of trade, balance of payment, etc.), advantages, disadvantages, and barriers to foreign trade, tariffs and their reasons
Purchase and Sale of Goods in Home and Foreign Trade:
- 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
- Price Quotation: trade discount, cash discount, quantity discount, COD, CWO, CIF, FOB, E & OE, Ex-works, LOCO, FAS, FOR, and Franco
- Terms of Payment: cash/spot payment, purchase, and deferred payment
- Means of Payment: legal tender (banknotes and coins), cheques, standing orders, bank drafts, stamps, postal orders, money orders, bills of exchange, promissory notes, mail transfers, traveler’s cheques, telegraphic transfers
Finance and Financial Institutions:
- Money: meaning, evolution/history, forms, qualities, and functions
- Banks: types of banks (central bank, commercial banks, and other specialized banks), bureau-de-change, e-banking (ATM, money transfer, online transfer), types of accounts (current, savings, and fixed deposit account)
- Insurance: meaning, types (life insurance and non-life insurance), types of risk (insurable and uninsurable), importance of insurance, procedure for taking an insurance policy, underwriting, reinsurance
- Capital Market: meaning, functions, importance, transactions on the stock exchange, speculators, types of securities (shares, stock, bond, gilt edge, debentures/convertible loans)
- Stock Exchange (first tier): meaning, tradable commodities, requirements for trading, method of trading
Commodity Exchange:
- Meaning and importance
- Choice of transport: land, water, air, pipeline
- Forms and advantages and disadvantages of each form
- Documents used in transport: waybills, consignment note, tickets, and manifest
Transport, Tourism, Communication, and Warehousing:
- Transport: meaning, advantages, and disadvantages
- Communication: meaning, types (oral, written, visual, non-verbal, non-visual, traditional), importance, and services of the post office, courier agencies, telephone system, satellite services, internet (e-mail), computer appreciation (meaning, component parts, advantages, and disadvantages)
- Tourism: meaning, importance, functions, types, advantages
- Warehousing: meaning, advantages, and disadvantages
Advertising:
- Meaning, roles, advantages, and disadvantages
- Types: informative, persuasive, competitive, mass/specific
- Methods: direct and indirect
- Media: meaning, choice, and types
Introduction to Marketing:
- Marketing: meaning, importance, functions, differences between market and marketing, market and marketing research
- The Marketing Mix 4Ps
- Marketing Concept: meaning, components (product, price, place, and promotion)
- Customer Services: types (pre and after-sales services)
- Sales Promotion: meaning, importance, and methods
Legal Aspects of Business:
- Areas of law that relate to Business: contract, agency, sales of goods act, hire purchase act, rights and obligations of employer and employee, government regulation of business (patents, copyright, trademarks), registration of business
- Intellectual Property Protection: meaning, need for protection, means of protection, consumerism, consumer protection (government legislation – food and drugs act, standard organization act, price control act, factory, shops, and offices act, product quality)
- Government policies relating to business: commercialization, privatization, deregulation (meaning, reasons, advantages, and disadvantages)
Introduction to Business Management:
- Meaning and objectives of business
- Meaning of Business Management and its functions
- Business Resources: man, money, materials, opportunities/goodwill
- Structure of Business Organizational Setup: organizational chart, departments, functions of each, authority, delegation of authority, responsibility, span of control
- Business and its Environment: economical, political, competition, technological, etc.
- Social Responsibility of Business to the Society
- Importance of Inter and Intra-departmental Communications
This syllabus has been meticulously designed to ensure your success in the exam. Take advantage of it and give your best effort to achieve excellent results. Happy studying!
