WAEC Business Management Syllabus 2021/2022 | See Concentrated Topics Here
– WAEC Business Management Syllabus –
WAEC Business Management Syllabus 2021 is Out: The Business Management 2021/2022 West African Examination Council (WAEC) Syllabus is aiming at preparing candidates for the Board’s examination.
This is a complete compilation of the 2021 WAEC Syllabus for Business Management. This Syllabus aims at preparing candidates for the upcoming examination.
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.
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 comprise fifty compulsory multiple-choice objective questions which will cover the entire syllabus and will carry 30 marks. It will last 1 hour.
PAPER 2: It will comprise 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 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 Management
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, (Sole Proprietorship,
Limited Liability Company, Public
orations, Co-operative society) Co-operative society) 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, Business Environment, Environment Business Environment,
1.3.2 Forces in the Businesses Environment Environment
1.3.3 Ethical, legal and social
responsibilities of Businesses. 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 of planning
2.1.2 Steps in planning, Types of planning, Limitations to planning
.2.1.3 Meaning and of planning, Limitations
to planning
2.1.3 Meaning and importance of decision
making. importance of decision making. planning importance of decision making. stakeholders. businesses towards stakeholders. 1.
TOPICS NOTES
2.2 Organizing
2.3 Directing
2.4 Controlling 2.1.4 Step in the decision making process.
2.1.5 Types of (Programmed and Non-
programmed) decisions. Non-programmed) decisions. making process. 2.1.5 Types of (Programmed and Non-programmed) decisions.
2.1.6 Levels of management decisions.
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
2.3.1 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
2.4.1 Meaning and reasons for controlling
2.4.2 Steps in controlling.
2.4.3 Tools for controlling
TOPICS NOTES
3. MANAGEMENT INFORMATION TECHNOLOGY
4. LEGAL ENVIRONMENT OF BUSINESS
4.1 Law of Contract
4.2 Principles of Agency
4.3 Negotiable Instruments
5. FINANCE AND FINANCIAL INSTITUTIONS
5.1 Money
5.2 Banking 3.1 Concept of ICT
3.2 Data and information, meaning,
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
4.1.1. 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
4.2.1 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
4.3.1 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.
5.1.1 Meaning and characteristics of money characteristics of money
5.1.2 Functions of money
5.1.3 Meaning and causes of inflation
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
and Insurance
5.4 Stock Exchange
6. ROLE OF GOVERNMENT IN THE ECONOMY
INTERNATIONAL TRADE AND PROBLEMS OF DEVELOPING ECONOMIES
7.1 International Trade 5.3.1 Meaning of risk and risk management
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
5.4.1 Meaning and functions
5.4.2 Types of securities
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. 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
8. GLOBALIZATION AND ECONOMIC INTEGRATION
8.1 Globalization
8.2 Economic integration
9. FUNCTIONAL MANAGEMENT
9.1 Elements of Human Resource Management 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).
8.1.1 Meaning and causes of globalization
8.1.2 Advantages and disadvantages of Globalization
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).
9.1.1 Meaning of human 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
9.3 Fundamentals of Production Management
9.4 Principles of Marketing 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.
9.3.1 Meaning of production and production 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
9.4.1 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 (e -Commerce)
9.6 Business Finance
10. ENTREPRENEURSHIP AND SMALL BUSINESS
10.1 Entrepreneurship
10.2 Small Business 9.5.1 e-commerce: Meaning and importance.
9.5.2 Meaning of Business Finance.
9.6.1 Short-term and long-term sources of finance
9.6.2 Government lending programmes; Venture capital fund
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.
10.2.1 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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