Very similar to the light meter I grew up with. IIRC, the slide round case is translucent white plastic, and when slid round to cover the sensor, you can point it at the light source to get the incident light reading (i.e. as vuk says, the light hitting the subject). With the sensor fully exposed, you can get reflected light readings.
There is a dial on the side to set the film speed, then point the meter in the right direction, and read off a set of possible aperture/speed combinations. Long time since I used one, so can't quite recall the detailed method.