The purpose of this inquiry was to identify the current business policies and procedures of high school newspapers in the United States and to determine whether such an appraisal could be used to achieve higher standards in both education and journalism. Most of the data was gathered in early 1968 by questionnaires sent to 548 public and 68 non-public schools listed in the state directories of Maine, Virginia, Ohio, Missouri, Texas, and California. The five areas studied were the newspaper's financial status, expenditures, circulation, advertising, and subsidies and other sources of revenue. Some conclusions made from the study were that (1) many high schools have not solved the problem of financing their newspapers through student support, subsidies, or advertising, (2) business management is frequently casual because few advisors have specific preparation in business procedures and the staff is more interested in editorial activities, and (3) schools which offer journalism courses and schools whose newspaper advisors have a minor in college journalism are more successful in business operations than those lacking such advantages. (LH)