This study explored teachers' views on several decisive issues regarding grading and reporting student learning. Data were gathered through a survey administered to 556 K-12 teachers from a medium-size, Midwest school district with a student population that closely approximates national student demographics. MANOVA analyses revealed few differences among teachers of different subject areas, but striking differences in the perceptions of elementary and secondary teachers. Elementary teachers expressed more progressive perspectives on grading, saw grades primarily as a way to communicate with parents, and more often distinguished achievement from behavior indicators in assigning grades. Secondary teachers based their grading practices on what they perceived would best prepare students for college or the work world, believed that grades helped teachers influence students' effort and behavior, and were committed to the mathematical precision of grade calculations. Possible reasons for these differences are explored and implications for reforms in grading policies and practices are discussed. (Contains 6 tables.)