The authors offer a classification technique to make a quantitative skills rubric more operational, with the groupings of multiple-choice questions to match the student learning levels in knowledge, calculation, quantitative reasoning, and analysis. The authors applied this classification technique to the mid-term exams of an introductory finance course in six sections, with 191 junior and senior business students using a course-embedded assessment methodology and a regional test in California revealing that there were shortcomings in our teachings of financial facts and concepts.