Store Management Waec Syllabus

Below is this years Waec Syllabus for Store Management. Note that this syllabus is for both internal and external candidates.

Aims and Objectives

Understanding of the rudiments of running a store and entrepreneurial skills
Understanding of the concepts of wholesaling and retailing, basic business documents and how to handle business finance
Ability to relate concepts learned to control stock, keep records and manage business risk

Scheme of Examination

Detailed Store Management Syllabus

Introduction to Store Management

Store Management
- Meaning of store management;
- Importance of store management;
- Functions of a store manager;
- Characteristics of a store manager;
- Customer services:
  - pre-sale services
  - after-sale services
Functions of Management
- Planning;
- Organization;
- Leading;
- Staffing;
- Controlling.
Factors to be considered in establishing a Store
- Market
- Finance
- types of stock
- transport
- accessibility
- security
- government regulation
- personnel.

Concepts of retailing and wholesaling

Retailing
- Definition
- Functions of a retailer
Wholesaling
- Definition;
- Functions of a wholesaler
Warehousing
1. The meaning of warehousing
2. types of warehousing;
3. the importance of warehousing
Transportation
- definition;
- means of transportation;
- advantages and disadvantages of each means of transportation;
- factors that will determine the choice of transport

Stock Control

Introduction to Stock Control
- Meaning of stock control;
- Importance of stock control;
- Types of stock records-Stock list, Bin card/ Store Card, Store requisition form and Delivery notes
Methods of Stock Control
- Manual method;
  - Periodic, perpetual, and annual stocktaking.
- Computerized method;
- Levels of stock control;
  - maximum level.
  - minimum level.
  - reorder level.
- Issuing of stock:
  - FIFO and LIF
Pricing
- Definition of pricing
- Types of pricing:
  - skimming
  - mark-up
  - mark-down
  - penetration
  - below or above mark pricing

Organizational policy

Organizational Policy
- Definition
- Employment policy
- Decision;
  - customer services
  - public relations
Organizational Standards
- Definition of standards;
- Productivity standards;
- Standard for customer satisfaction
Organizational Culture
- Definition of culture;
- Explanation of organizational culture;
  - attitude to customers
  - relationship with co-workers
  - relationship with the Boss
  - dress code

Business Communication

Overview of Communication
- Definition of communication;
- Types of communication;
  - oral, written and non-verbal.
- (iii) Business documents;
  - letters, memos, reports and circulars
Electronic Communication
- Definition of communication;
- Means of communication
  - fax, telephone, email, radio messages.
- Word Processing – Using a computer to write business letters

Business Law

Overview of Basic Business Law
- definition
Law of contract
- elements of a contract.
- Rights and obligations of employer and employee
Agency
- Definition
- Types of agents
- Creation of agency
- Rights and obligations of principals and agents
Sale of Goods Act
- Contract of sale
- Formalities of sale
Government Regulation of Business:
- Meaning and uses of :
  - Patent right;
  - Copyright;
  - Trademark.
- Health and Safety at Work Act.
- Consumer Protection agency
- License
Government Regulatory Agencies
- NAFDAC, NDLEA, SON

Record Keeping

Documentation
- Definition of filing and indexing
- Rules of filing
- Filing and indexing method
Source document
- Meaning;
- Types.
  - Invoices, receipts, cheques, vouchers
Trade Documents
- Documents used in foreign trade;
  - Bills of Lading, Certificates of Origin, Consular invoice, Insurance certificate, inspection certificates, Bills of
  - Exchange, Indent, Letters of Credit, Proforma invoice
- Documents used in the home trade.
  - Order, Enquiry, Waybill, Consignment note, Manifest, invoice, proforma invoice Receipts, Credit and Debit note, Vouchers

Book Keeping

Subsidiary Books
- Meaning, Types, Uses, Purchase and Sales day book, Returns outwards/inwards books, Cash books
Imprest System
- Definition and description of the imprest system;
- Preparation of petty cash book
Final Accounts
- Definition and purpose;
- Simple Trading, Profit and Loss Account and Balance sheet
Sales / Turnover
- Meaning;
- Calculation of rate of sales turnover

Risk Management Risk Management

- Definition;
- Methods of risk management.
  - Sound management practices
  - Reduction of risks – optimum stock level
  - Hedging
  - Risk transfer through insurance

Handling Finances of the Store 10.1 Investments

Investments
- Meaning
- Capital Investment:
  - Meaning
  - investment in the capital market;
  - functions of the Stock Exchange;
  - advantages of shareholding.
- Money market instruments:
  - Meaning
  - treasury bill;
  - commercial papers;
  - bonds
Taxation
- Meaning of tax;
- Importance of tax;
- Types of tax.
  - Income tax, Import duties, excise duties, VAT

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