The utility of employing teacher reports about characteristics of students and their parents to assess family economic status was investigated using multiple regression analyses. The accuracy of teacher reports about parents' educational background was also explored, in addition to the effect of replacing missing data with logical, mean, or modal substitutions. Results indicated that although teacher reports were reasonably accurate, their utility in estimating family economic status was limited. Substitution for missing data did not adversely affect the accuracy of prediction. Suggestions were made for additional teacher report items that are more directly related to economic status. (Author/GDC)