Home » NECO Syllabus » This NECO Commerce exam syllabus is here to guide you on finding everything you need to know to excel in your Commerce exam. From the basics of business principles to understanding economics concepts.
While this exam is basically for commercial candidates aspiring to the field of commerce and accounting, you must have been familiar with most of the topics. This syllabus will guide you for your exam.
With this detailed and straightforward syllabus by your side, preparing for your commerce exam will feel like a breeze. Why don’t you equip yourself with the knowledge and skills to excel in your NECO Commerce exam, and conquer commerce with confidence?
Let’s break down how your NECO Commerce exam will be marked: you have two papers to answer, Paper 1 and Paper 2, all in one sitting.
Paper 1
Paper 1 is a 50 multiple-choice question to be completed in 50 minutes, each question carries one mark, so a total of 50 marks are up for grabs. Your answers will be marked based on correctness, so make sure to read each question carefully before selecting your answer. Remember, there is no penalty for guessing, so if you are unsure, take your best shot.
Paper 2
Here, you will face eight questions. However, you only need to answer any five of them and you will be given two hours to pour your knowledge onto the pages. Each question carries a hefty twenty marks, so make sure to study into each topic so as to be able to provide comprehensive answers.
Your answers will be marked based on clarity, depth of understanding, and relevance to the questions asked. Don’t forget to structure your answers well and use examples to support your points.
With this marking guide in mind, you are all set to ace your NECO Commerce exam papers. Goodluck!
| NECO COMMERCE SYLLABUS | ||
| SN | TOPICS | OBJECTIVES |
| 1 | INTRODUCTION | i. Definition of Commerce and E – Commerce ii. History/Background of Commerce iii. Scope of Commerce and E Commerce iv. Functions of Commerce and E Commerce |
| 2 | OCCUPATION | i. Meaning of Occupation ii. Types;- Industrial, Commercial, Service Occupation iii. Factors that determine types of occupation/employment Career Opportunities |
| 3 | PRODUCTION | i. Meaning ii. Factors – land, labour, capital and entrepreneurship iii. Types:- Primary, Secondary and Tertiary production iv. Division of labour/specialization – meaning – types – advantages and disadvantages, – limitation v. Inter-relationship between production and exchange |
| 4 | BUSINESS UNITS | i. Meaning and objectives of business ii. Forms of business units — Sole proprietorship, — Partnership, — Co-operative Societies, — Credit Union and Thrift Societies, — Public enterprises, — Companies – iii. Types, Formation, characteristics, comparison, advantages and disadvantages iv. Sources of capital of each forms of business v. Meaning and purpose of – Amalgamations, – Mergers and acquisitions – Trust, – Holding companies and Subsidiaries – Consortium and Cartel vi. Dissolution/Liquidation of Companies/Partnership |
| 5 | TRADE ASSOCIATIONS | Aims and functions of i. Trade Association ii. Chamber of Commerce, Employers Association iii. Consumer Association/Consumerism |
| 6 | BUSINESS CAPITAL AND PROFITS | i. Meaning and types – Authorized/Registered/Normal capital, called-u, paid-up capital, capital owned, liquid/circulating capital ii. Credit – Meaning, Sources, Instrument and Functions iii. Calculation of working capital, the Importance of working capital iv. Profits – Meaning, types and calculation of profit v. Turnover – Meaning, calculations and factors affecting turnover. |
| 7 | TRADE | 7.1 HOME TRADE 7.2 FOREIGN TRADE |
| 8 | PURCHASE AND SALE OF GOODS IN HOME AND FOREIGN TRADE | i. 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 ii. Price Quotation – Trade discount, Cash discount, Quantity discount, COD, CWO, CIF, FOB, E & OE, Ex-works, LOCO, FAS, FOR and Franco iii. Terms of Payment: Cash/Spot Payment, Purchase and deferred payment. iv. Means of payment – Legal tender – (bank notes and coins), cheques, standing order, bank draft, stamps, postal-orders, money orders, bills of exchange and promissory Note, mail transfer, traveller’s cheques, telegraphic transfer. E Payment |
| 9 | FINANCE AND FINANCIAL INSTITUTIONS | 9.1 MONEY 9.2 BANKS 9.3 INSURANCE 9.4 CAPITAL MARKET 9.5 STOCK EXCHANGE (first tier) 9.6 COMMODITY EXCHANGE |
| 10 | TRANSPORT, TOURISM, COMMUNICATION and WAREHOUSING | 10.1 TRANSPORT 10.2 TOURISM 10.3 COMMUNICATION 10.4 WAREHOUSING |
| 11 | ADVERTISING | (i) Meaning (ii) Roles, advantages and disadvantages (iii) Types – informative, persuasive, Competitive, mass/specific (iv) Methods – direct and indirect (v) Media- meaning, choice and types |
| 12 | INTRODUCTION TO MARKETING | 12.1 MARKETING 12.2 MARKETING CONCEPT 12.3 CUSTOMER SERVICES 12.4 SALES PROMOTION |
| 13 | LEGAL ASPECT OF BUSINESS | (i) Contract – Meaning – – Elements of a valid contract – Discharge of a contract (ii) Agency – Meaning – Creation – Duties and responsibilities of principals and agents – Termination (iii) Sales of goods Act (iv) Hire Purchase Act (v) Rights and Obligations of employer and Employee (vi) Government regulation of Business – patents, copyright. Trade mark (vii) Registration of Business – Meaning and uses (i) Meaning (ii) Need for protection (iii) Means of protection (iv) Consumerism Meaning Means, Instrument of protection Government Legislation – food and drugs Act standard organization Act – Price Control Act – Factory, Shops and Offices Act – Product quality |
| 14 | GOVERNMENT POLICIES RELATING to BUSINESS | 14.1 COMMERCIALISATION 14.2 PRIVATISATION 14.3 DEREGULATION |
| 15 | INTRODUCTION TO BUSINESS MANAGEMENT | i. Meaning ii. Objectives of business iii. Meaning of Business Management iv. Functions v. Business Resources – Man, Money, Materials Opportunities/Goodwill vi. Structure of Business organizational setup Organisational chart, Departments, Functions of each, Authority, Delegation of Authority – Responsibility Span of Control Meanings vii. Business and its environment Economical – Political Competition Technological etc viii. Social responsibility of Business to the Society ix. Importance of Inter and Intra departmental communications |
| 16 | ECONOMIC GROUPINGS | 16.1 ECOWAS 16.2 NIGER BASIN . COMMISSION (NBC) 16.3 LAKE CHAD BASIN COMMISSION (LCBC) 16.4 MANO-RIVER UNION 16.5 EUROPEAN UNION 16.6 WEST AFRICAN CLEARING HOUSE |
To prepare for the exam, start by reviewing your class notes and textbooks. Practice solving past questions and quiz yourself. Don’t forget to understand key concepts and theories.
Paper 1 mostly covers multiple-choice questions, so focus on understanding fundamental concepts like business principles, marketing strategies, and basic economics theories.
Along with your class materials, you can also check out NECO’s recommended textbooks and study guides.
You need to know how to manage your time. For Paper 1, aim to spend about a minute per multiple-choice question. For Paper 2, allocate your time wisely, spending more time on questions with higher marks.
Start by carefully reading each question and planning your answer. Make sure to structure your response with an introduction, body paragraphs, and a conclusion. Use relevant details to support your points.
If you find yourself running short of time, prioritize answering the questions you feel most confident about first. Then, if you have time remaining, go and attempt the ones you skipped or left incomplete. Every point counts.
If time permits, it’s always a good idea to review your answers. Quickly scan through your responses, checking for any errors or incomplete answers. Make necessary corrections or additions before time runs out.
