Analysis of data collected from 3,000 academic libraries by the 1977 Library General Information Surveys reveals that library operating budgets, institutional enrollment, and library circulation are the best predictors of reference and directional transactions. Fifty-five percent of the transactions at reference service points are directional, while the remainder are reference transactions; university libraries report significantly higher numbers of transactions than either 4-year or 2-year colleges; and publicly controlled colleges report greater numbers than private institutions. Similarly, reference and directional transactions vary with total operating budget, collection and staff size, and enrollment. The picture is complicated, however, by intervariable relationships; e.g., university libraries tend to have larger operating budgets, staff, and collections. Under these conditions, regression analysis is a better procedure to predict the number of reference and directional transactions. (Author/RAA)