WAEC Weekly Exam Outline – Commerce

Commerce — 30-Week Plan

Weekly outline built from the WAEC syllabus (last 5–10 years emphasis). Practice can be done offline; Mock is timed online (2 attempts).

Total practice: 420 • Total mock: 630

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Week 1–4 (October: Foundations & Occupations)

60 Practice Questions, 60 Mock Questions

  • Week 1: Introduction to Commerce — definition, history, scope, functions of commerce & e-commerce.
  • Week 2: Occupation I — industrial, commercial, service; factors determining choice of occupation; career opportunities.
  • Week 3: Occupation II — division of labour & specialization; meaning, types, advantages/disadvantages, limitations.
  • Week 4: Production — factors (land, labour, capital, entrepreneurship); types of production (primary, secondary, tertiary); inter-relationship of production & exchange.

Week 5–8 (November: Business Units & Trade Associations)

60 Practice Questions, 70 Mock Questions

  • Week 5: Business units I — sole proprietorship, partnership; features, merits, demerits; sources of capital.
  • Week 6: Business units II — co-operative societies, credit unions, public enterprises, companies (private & public); features, comparisons.
  • Week 7: Business units III — mergers, acquisitions, amalgamations, holding companies, subsidiaries, cartels, consortiums; dissolution/liquidation.
  • Week 8: Trade associations — chambers of commerce, employers associations, consumer associations; aims, roles, consumerism.

Week 9–12 (December: Capital, Profits & Trade I)

60 Practice Questions, 80 Mock Questions

  • Week 9: Business capital — authorized, issued, called-up, paid-up, owned, liquid/circulating capital; working capital & its importance.
  • Week 10: Credit — meaning, sources, instruments & functions; profits (types, calculation); turnover (meaning, factors, calculation).
  • Week 11: Home trade I — retail trade: functions of retailers, types of retail outlets (unit shops, stalls, kiosks, supermarkets, chain stores, department stores, malls, hypermarkets, mail order, e-commerce).
  • Week 12: Home trade II — wholesale trade: functions/types of wholesalers; factors affecting wholesaling; elimination/survival of middlemen; channels of distribution.

Week 13–16 (January: Trade II & Documents)

60 Practice Questions, 90 Mock Questions

  • Week 13: Foreign trade I — meaning, types (import, export, entrepôt); concepts (terms of trade, balance of trade, balance of payments, bilateral/multilateral trade, countertrade).
  • Week 14: Foreign trade II — advantages/disadvantages; barriers; tariffs (meaning, reasons, effects); roles of ports, customs, shipping/clearing agencies.
  • Week 15: Purchase & sale of goods I — documents: order, indent, invoices (ordinary, consular, proforma), credit/debit notes, certificates (origin, inspection, insurance), bills of exchange.
  • Week 16: Purchase & sale of goods II — quotations: trade/cash/quantity discounts, CIF, FOB, CWO, COD, etc.; means of payment (cash, cheque, bank draft, postal order, e-payment).

Week 17–20 (February: Finance & Institutions)

60 Practice Questions, 100 Mock Questions

  • Week 17: Money — meaning, evolution, forms, qualities & functions; electronic money/transfer.
  • Week 18: Banks — types (Central Bank, commercial, development, mortgage, building society, microfinance); e-banking (ATM, online transfer, mobile payments); accounts (savings, current, fixed deposit).
  • Week 19: Insurance — principles (utmost good faith, insurable interest, indemnity, subrogation, proximate cause); types (life, fire, marine, motor, burglary, accident, fidelity, consequential loss); risks (insurable/uninsurable); reinsurance & underwriting.
  • Week 20: Capital market, stock exchange (tiers, functions, securities, speculators, listing), commodity exchange (meaning, functions, requirements, trading methods, benefits).

Week 21–24 (March: Transport, Tourism, Communication & Marketing)

60 Practice Questions, 110 Mock Questions

  • Week 21: Transport — meaning, forms (land, water, air, pipeline); advantages/disadvantages; documents (waybill, consignment note, ticket, manifest).
  • Week 22: Tourism & communication — types (oral, written, visual, electronic); post office & courier services; telephone, satellite, internet/email; computer appreciation (components, pros/cons).
  • Week 23: Warehousing — meaning, importance, functions, types (private, public, bonded, cooperative). Advertising — meaning, roles, types, media.
  • Week 24: Marketing — concept, market vs marketing, marketing mix (4Ps: product, price, place, promotion); customer service; sales promotion (methods: fairs, exhibitions, gifts, demos, personal selling).

Week 25–27 (April: Business Law, Policies & Management)

60 Practice Questions, 120 Mock Questions

  • Week 25: Legal aspects — contracts (elements, discharge), agency, Sale of Goods Act, Hire Purchase Act, labour rights, consumer protection (laws, instruments), IP rights, business registration.
  • Week 26: Government policies — commercialization, privatization, deregulation; meaning, reasons, advantages/disadvantages, comparisons.
  • Week 27: Business management — meaning, objectives, functions, resources (man, money, materials, goodwill); structure/org charts; authority/delegation; business & environment; social responsibility.

Week 28–30 (April: Groupings & Grand Final Mocks)

WAEC Exam Format (Paper 1 Objectives + Paper 2 Essays)

  • Week 28: Economic groupings — ECOWAS, Niger Basin Commission, Lake Chad Basin Commission, Mano River Union, EU, West African Clearing House (history, membership, objectives, achievements, problems).
  • Week 29: Grand Final Mock 2 (Paper 1 MCQs + Paper 2 essays; emphasis on trade, finance & management).
  • Week 30: Grand Final Mock 3 (closest WAEC replica; strict timing; Section balance across commerce domains).