This study conducts a survey of students and faculty at a business school on critical issues regarding student evaluations of teaching and identifies several significant differences between their perceptions. Students agreed more strongly than faculty that evaluations are higher in courses where the instructor teaches effectively and students learn more. Students also agreed more than faculty that they give higher evaluations for more challenging courses and for courses requiring an above-average amount of work. Unlike students, faculty agreed that students give higher evaluations in courses where they expect to earn a higher grade than they deserve. (Contains 3 tables.)