We describe a multifaceted, multilevel approach to teamwork learning and assessment. It includes teamwork knowledge, peer and self-appraisal of teamwork behavior, and individual and team performance on objective tests for teaching and assessing teamwork in an undergraduate business program. At the beginning of this semester-long process, students learned about various aspects of working in groups, including group development, communication, and conflict resolution. Subsequently, they engaged in problem-solving exercises and provided midsemester collaborative peer feedback. Our data indicated that nearly 80% of students achieved a passing score on a teamwork knowledge test; they achieved high marks on self- and peer assessments; and most important, more than 75% of the time, teams achieved synergy (bested their best performer) on objective tests of course knowledge. In conclusion, we explain how aspects of our approach can be used for program assessment.