This dissertation was designed to assess whether differences in student performance existed between college-level learners who received online units of instruction and subjects who were taught in a face-to-face environment. Student achievement in content knowledge was measured and the data was analyzed to see if differences existed between the two modes of instruction. The subject matter for the content knowledge portion of the study included internal rate of return (IRR) and net present value (NPV). These topics are offered as part of a finance course at the institution that housed the study. This research also explored differences in student achievement in producing working spreadsheet models to enable the user to accurately calculate IRR and NPV. These two spreadsheet modeling techniques were taught in both an online and a face-to-face environment. The data was analyzed to see if significant differences existed between the models produced by online students versus students in a traditional classroom. The study involved utilizing the university's existing learning management system (LMS) to build online modules as Reusable Learning Objects (RLOs). Four separate RLOs were developed: 1) NPV content, 2) IRR content, 3) IRR spreadsheet modeling, and 4) NPV spreadsheet modeling. The ADDIE model of instructional design was used to develop the RLOs. From an instructional design standpoint, this study examined whether the ADDIE model aligned with the development of RLOs for online learning of financial topics and spreadsheet modeling. The ADDIE model was demonstrated to be an effective framework for developing RLOs for this type of instruction. The results indicated significant differences existed in achievement of the learners who received instruction on NPV content via the RLO versus those who learned about NPV in a classroom. Performance by the online students was significantly higher than the face-to-face students in this portion of the study. No significant differences were found to exist between the online and face-to-face groups on the subjects of IRR content knowledge, IRR spreadsheet modeling, and NPV spreadsheet modeling. For these targeted participants, the results indicate that the four topics can be taught as effectively using RLOs as in a face-to-face environment. [The dissertation citations contained here are published with the permission of ProQuest LLC. Further reproduction is prohibited without permission. Copies of dissertations may be obtained by Telephone (800) 1-800-521-0600. Web page: http://bibliotheek.ehb.be:2222/en-US/products/dissertations/individuals.shtml.]