Basics of Business Economics (5 cr)

Evaluation scale

0-5

Objective

After completing the course, you will be able to:
Describe the financial objectives of a company and identify basic financial concepts
Explain the importance of financial management in business operations, expert work, and stakeholder communication
Make basic bookkeeping and financial statement entries, including those involving value-added tax (VAT)
Recognize the impact of business transactions on the income statement and balance sheet, and explain the contents of the financial statements
Interpret the official financial statements of a small company at a general level and identify key aspects of the company’s financial situation
Describe the basics of VAT and direct taxation
Identify the main differences in business income taxation between a limited company and a sole proprietorship

Competencies
Operating in a workplace

Content

Financial objectives and basic concepts of a company – profitability, capital structure, cash sufficiency
The importance of financial management in business operations, expert work, and stakeholder communication
Basic concepts of bookkeeping, the logic of double-entry bookkeeping, formation of the financial year’s result, depreciation
Content and structure of the income statement and balance sheet, and the connection of business transactions to financial statements
Familiarization with official financial statements, interpretation of the income statement and balance sheet
Basic idea of VAT and VAT in bookkeeping
Basics of business taxation
Main differences in business income taxation between a limited company and a sole proprietorship

Materials

Jormakka, R., Koivusalo, K. Lappalainen, J. & Niskanen, M. 2025. Laskentatoimi. Helsinki: Edita. Luvut 1-6.
Online materials in the learning environment

Teaching methods

The course utilizes teaching and learning methods in line with online pedagogy (guidance webinars and independent work in an online learning environment, which includes self-study materials, tests, and exams related to the course content).

Guidance webinars are interactive learning situations, and you should come prepared according to the instructions given in advance. Participation in webinars requires a functioning camera, headphones, and a microphone.

The course is assessed based on online exams on a scale of 0–5. The assessment will be recorded within one month of completion.

Exam schedules

Online exams in online learning environment, with two retake opportunities for each exam.

Completion alternatives

Alternative completion methods will be explained at the beginning of the course.

Student workload

The workload for the course is 135 hours, which consists of guidance webinars (3 hours), preparation for webinars (3 hours), and independent work (129 hours) (watching instructional videos, exercises, and exam preparation).

Assessment criteria, satisfactory (1)

Adequate 1 - satisfactory 2
You identify and name the key concepts of the topic. You use a familiar method in a familiar task.

Assessment criteria, good (3)

Good 3 - very good 4
You classify the key concepts of the topic and their interrelationships. You use a familiar method in a new task.

Assessment criteria, excellent (5)

Excellent 5
You apply key concepts and their interrelationships. You utilize the information in a new situation.

Further information

The course is part of the joint online degree program of Jamk, Oamk, and Savonia, which is implemented based on the principles of cross-study.

The assessment of the course is based on the competence demonstrated in online exams. If you receive a failing grade, you have the right to two retake opportunities. You can improve a passing grade once during the following semester after the original completion