Study Guide

Objective

The student knows the significance of financial management in tourism and hospitality. He/she knows the basic concepts of financial management and knows the legislation related to it. The student understands the concept of value-added tax and is familiar with legislation related to financial management. The student knows the basic financial statement analysis. He/she knows the basic concept of cost-volume profit analysis and pricing for a small business. She/he is able to utilize Excel in a basic financial statement analysis. The student understands the significance of personal financial sustainability as well as the transparency in financial management.

Content

· Financial management as a concept in hospitality and tourism
· Profit and loss statement and Balance Sheet
· Value Added Tax (VAT) and legislation
· Basic financial statement analysis
· Excel as a tool in Financial Management
· Introduction to costs analysis and pricing
· Transparency in financial management
· Personal financial sustainability

Location and time

This starts at week 12 and it ends at the end of week 17.
Lectures are organised in classrooms.

Materials

The course materials are introduced the Moodle.

Teaching methods

The implementation of the course progresses gradually in a classroom format. The implementation emphasizes self-directed and active learning (flipped classroom). The course includes familiarization with learning materials and source materials, independent exercises and learning tasks, and collaboration.

Exam schedules

The exam is during the week 18.
The group assignments and individual assignments are part of the evaluation during the study unit.

Retake eExam is during the weeks 19 and 20.

Content scheduling

· Financial management as a concept in hospitality and tourism
· Profit and loss statement and Balance Sheet
· Value Added Tax (VAT) and legislation
· Basic financial statement analysis
· Excel as a tool in Financial Management
· Introduction to costs analysis and pricing
· Transparency in financial management
· Personal financial sustainability

Evaluation scale

H-5

Assessment criteria, satisfactory (1)

Satisfactory (2)
The student is able to make the basic financial statement analysis calculations with guidance as well as a cost-volume profit analysis and pricing for small business. He/she can explain the basic concepts of financial management and legislation related to it. The student knows the concept of value-added tax and legislation related to financial management. He/she is able to use Excel in a small-scale financial statement analysis with guidance. The student is able to explain the significance of personal financial sustainability as well as the transparency in financial management. The assignments are completed but not always performed according to the instructions and deadlines.

Poor (1)
The student is able to outline the meaning of financial management. He/she has a vague understanding on the basic concepts of financial management and legislation related to it as well as the concept of value-added tax and legislation related to financial management. The student is able to make the basic financial statement analysis calculations with assistance as well as a cost-volume profit analysis and pricing for small business. He/she is able to use Excel in a small-scale financial statement analysis with assistance. The student somehow understands the significance of personal financial sustainability as well as the transparency in financial management. The assignments are completed but not always performed according to the instructions and deadlines.

Fail (0)
The student does not complete the assignments according to the instructions or does not attend the learning situations at all. He/she does not pass the assignments, tests and/or the exam as required.

These are the general assessment criteria. Please note that there might be more specific assessment criteria for learning assignments which will be given at the beginning of the study unit

Assessment criteria, good (3)

Very good (4)
The student is able to calculate and analyse the results of the basic financial statement analysis as well as a cost-volume profit analysis and pricing for a small business in a very good manner. He/she can apply very well the concept of value-added tax and the legislation related to financial management. He/she is able to use Excel as a tool in a financial statement analysis in a very good manner and critically evaluate the results. The student is able to analyse the significance of personal financial sustainability as well as the transparency in financial management. All the assignments are performed according to the instructions and deadlines.

Good (3)
The student is able to make the basic financial statement analysis calculations as well as a cost-volume profit analysis and pricing for a small business in a good manner. He/she is able to apply well the concept of value-added tax and legislation related to financial management. She/he is able to use Excel in a good manner in a small-scale financial statement analysis. The student is able to demonstrate the significance of personal financial sustainability as well as the transparency in financial management. Most of the assignments are performed according to the instructions and deadlines.

Assessment criteria, excellent (5)

Excellent (5)
The student is able to calculate and analyse the results of the basic financial statement analysis as well as a cost-volume profit analysis and pricing for a small business in an excellent manner. The student is able to apply skilfully the concept of value-added tax and the legislation related to financial management into the calculations mentioned. He/she is able to use Excel as a tool in a financial statement analysis in an excellent manner and critically evaluate the results of calculations. The student is able to critically analyse the significance of personal financial sustainability as well as the transparency in financial management. All the assignments are performed according to the instructions and deadlines.

Assessment methods and criteria

Independent and group tasks and peer feedback in the Moodle - group assignments, Individual learning tasks, and eExam.

These are the general assessment criteria. Please note that there might be more specific assessment criteria for learning assignments which will be given at the beginning of the study unit.

Assessment criteria, fail (0)

Fail (0)
The student does not complete the assignments according to the instructions or does not attend the learning situations at all. He/she does not pass the assignments, tests and/or the exam as required.

Assessment criteria, satisfactory (1-2)

Poor (1)
The student is able to outline the meaning of financial management. He/she has a vague understanding on the basic concepts of financial management and legislation related to it as well as the concept of value-added tax and legislation related to financial management. The student is able to make the basic financial statement analysis calculations with assistance as well as a cost-volume profit analysis and pricing for small business. He/she is able to use Excel in a small-scale financial statement analysis with assistance. The student somehow understands the significance of personal financial sustainability as well as the transparency in financial management. The assignments are completed but not always performed according to the instructions and deadlines.
Satisfactory (2)
The student is able to make the basic financial statement analysis calculations with guidance as well as a cost-volume profit analysis and pricing for small business. He/she can explain the basic concepts of financial management and legislation related to it. The student knows the concept of value-added tax and legislation related to financial management. He/she is able to use Excel in a small-scale financial statement analysis with guidance. The student is able to explain the significance of personal financial sustainability as well as the transparency in financial management. The assignments are completed but not always performed according to the instructions and deadlines.

Assessment criteria, good (3-4)

Good (3)
The student is able to make the basic financial statement analysis calculations as well as a cost-volume profit analysis and pricing for a small business in a good manner. He/she is able to apply well the concept of value-added tax and legislation related to financial management. She/he is able to use Excel in a good manner in a small-scale financial statement analysis. The student is able to demonstrate the significance of personal financial sustainability as well as the transparency in financial management. Most of the assignments are performed according to the instructions and deadlines.

Very good (4)
The student is able to calculate and analyse the results of the basic financial statement analysis as well as a cost-volume profit analysis and pricing for a small business in a very good manner. He/she can apply very well the concept of value-added tax and the legislation related to financial management. He/she is able to use Excel as a tool in a financial statement analysis in a very good manner and critically evaluate the results. The student is able to analyse the significance of personal financial sustainability as well as the transparency in financial management. All the assignments are performed according to the instructions and deadlines.

Assessment criteria, excellent (5)

Excellent (5)
The student is able to calculate and analyse the results of the basic financial statement analysis as well as a cost-volume profit analysis and pricing for a small business in an excellent manner. The student is able to apply skilfully the concept of value-added tax and the legislation related to financial management into the calculations mentioned. He/she is able to use Excel as a tool in a financial statement analysis in an excellent manner and critically evaluate the results of calculations. The student is able to critically analyse the significance of personal financial sustainability as well as the transparency in financial management. All the assignments are performed according to the instructions and deadlines.