WAEC Syllabus / Business / 2026
WAEC Commerce Syllabus
Every examinable topic area in WAEC / WASSCE Commerce, with the scheme of examination and answers to common questions — compiled topic by topic by waeccbt.com for school (SSCE) and private (GCE) candidates. Read it here, or download the free Commerce syllabus PDF.
How the WAEC Commerce papers work
Paper 1: 50 multiple-choice questions answered in 50 minutes for 50 marks. Paper 2: eight essay-type questions, of which candidates answer any five in 2 hours for 100 marks. Both papers are composite and taken at one sitting. The syllabus spans introduction to commerce and e-commerce, occupation, production, business units, trade associations, business capital and profits, home and foreign trade, purchase and sale documentation, money, banking, insurance, the capital market, stock and commodity exchanges, transport, tourism, communication, warehousing, advertising, marketing, the legal aspects of business, government policies (commercialisation, privatisation, deregulation), business management and West African economic groupings.
WAEC Commerce syllabus topics
These are the examinable topic areas. Every one of them is covered by the 1,000-question Commerce practice bank — finish a topic, then test it under the clock.
1. Introduction, Occupation and Production
- Definition, history, scope and functions of commerce and e-commerce
- Occupation: meaning, industrial/commercial/service types, factors determining employment
- Production: factors (land, labour, capital, entrepreneurship); primary, secondary and tertiary types
- Division of labour and specialization: types, advantages, disadvantages, limitations
- Inter-relationship between production and exchange
2. Business Units and Trade Associations
- Sole proprietorship, partnership, co-operative societies, credit unions, public enterprises, companies
- Formation, characteristics, comparison, advantages and disadvantages; sources of capital
- Amalgamations, mergers and acquisitions, trusts, holding companies, consortia and cartels
- Dissolution and liquidation of companies and partnerships
- Trade associations, chambers of commerce, employers’ and consumer associations
3. Business Capital, Profits and Credit
- Authorized, called-up, paid-up, owned and working capital
- Calculation and importance of working capital
- Profits: meaning, types and calculation; turnover: meaning, calculation, factors affecting it
- Credit: meaning, sources, instruments and functions
4. Home Trade
- Retail trade: functions of the retailer; success and failure factors
- Small and large scale retailing: unit shops, stalls, hawkers, kiosks, supermarkets, chain stores, department stores, malls, hypermarkets, mail order
- Modern retail trends: branding, self-service, vouchers, vending machines, credit cards
- Wholesale trade: functions and types of wholesalers; merchant and agent wholesalers
- Elimination and survival of middlemen; channels of distribution and their choice
5. Foreign Trade and Trade Documents
- Import, export and entrepot trade; terms of trade, balance of trade and balance of payments
- Visible and invisible items; bilateral and multilateral agreements; counter trade
- Barriers to foreign trade; tariffs and the reasons for them
- Ports, airports, customs and excise, shipping and forwarding agents, export promotion council
- Documents: order, indent, invoices (consular, proforma, ordinary), credit and debit notes, letters of hypothecation, documentary credit, certificates of origin and inspection
- Price quotations (trade, cash and quantity discounts, COD, CWO, CIF, FOB, E & OE, ex-works, FAS, FOR, franco) and means of payment from legal tender to e-payment
6. Money, Banking and Insurance
- Money: evolution, forms, qualities and functions
- Central, commercial, development, mortgage and microfinance banks; bureaux de change
- E-banking: ATM, money transfer, online payment; current, savings and fixed deposit accounts
- Insurance principles: utmost good faith, insurable interest, indemnity, subrogation, contribution, proximate cause
- Life and non-life insurance; insurable and uninsurable risks; underwriting and re-insurance
7. Capital Market, Stock and Commodity Exchange
- Capital market: meaning, functions; offer for sale, offer for subscription, rights issue, private placement, issue by tender
- Second-tier securities market: functions, advantages, listing requirements
- Stock exchange: functions, importance, transactions, speculators (bulls, bears, stags)
- Securities: shares, stocks, bonds, gilt-edged securities, debentures
- Commodity exchange: tradable commodities, grading, warehousing, clearing, open outcry and electronic trading
8. Transport, Tourism, Communication and Warehousing
- Transport: importance, choice, land, water, air and pipeline; documents (waybill, consignment note, manifest)
- Tourism: meaning, advantages and disadvantages
- Communication: oral, written, visual and non-verbal; post office, courier and internet services
- Computer appreciation: components, advantages and disadvantages
- Warehousing: meaning, importance, functions and types
9. Advertising, Marketing and Customer Service
- Advertising: roles, types (informative, persuasive, competitive), methods and media
- Marketing: meaning, importance, functions; market versus marketing; marketing research
- The marketing mix: product, price, place, promotion
- Customer service: pre-sales and after-sales; sales promotion: trade fairs, exhibitions, gifts, demonstrations; personal selling
10. Legal Aspects, Government Policies, Management and Economic Groupings
- Contract: elements of validity and discharge; agency: creation, duties, termination
- Sale of Goods Act, Hire Purchase Act, employer and employee rights, patents, copyright, trademarks
- Consumer protection: legislation and consumerism
- Commercialisation, privatisation and deregulation: reasons, advantages, disadvantages
- Business management: functions, resources, organisational structure, delegation, span of control, social responsibility
- Economic groupings: ECOWAS, Niger Basin Commission, Lake Chad Basin Commission, Mano River Union, European Union, West African Clearing House
WAEC Commerce — frequently asked questions
How is WASSCE Commerce examined?
Two composite papers at one sitting: Paper 1 has 50 objective questions in 50 minutes (50 marks); Paper 2 offers eight essay questions of which you answer any five in 2 hours (100 marks).
Which topics carry the most questions?
Trade (home and foreign), business units, money and banking, insurance and trade documents dominate, but the objective paper samples the whole syllabus — including marketing, transport and the capital market.
Do I need calculations in Commerce?
Yes — working capital, profits and turnover calculations appear in both papers. Master working capital = current assets − current liabilities, gross and net profit, and rate of turnover.
What trade abbreviations must I know?
The quotation and payment terms: COD, CWO, CIF, FOB, FAS, FOR, E & OE, ex-works, LOCO and franco — plus document names like proforma invoice, indent and letter of hypothecation.
What are the principles of insurance?
Utmost good faith, insurable interest, indemnity, subrogation, contribution and proximate cause — be ready to define each and apply it to simple cases.
Which economic groupings are examined?
ECOWAS, the Niger Basin Commission, the Lake Chad Basin Commission, the Mano River Union, the European Union and the West African Clearing House — their history, membership, objectives, achievements and problems.
How should I answer Commerce essay questions?
Define the key term first, then make each point in a separate paragraph with a brief explanation or example. Five well-developed points usually beat eight bare ones.
waeccbt.com is an independent study site, not affiliated with WAEC. This topic map is compiled and worded by waeccbt.com from the official scheme; it is not an official WAEC document.