Since there is no standard national Pre and Post Test for Principles of Finance, akin to the one for Economics, by authors created one by selecting questions from previously administered examinations. The Cronbach's Alpha of 0.851, exceeding the minimum of 0.70 for reliable pen and paper test, indicates that our Test can detect differences in learning outcomes. Improvements between Pre and Post Test scores, statistically significant at the 1% level, in the entire sample and within different sections, points out that learning did occur. Demographical and pedagogical variables, expected to influence students' learning, were analyzed in order to identify the determinants of the Test scores. Significant positive correlation between test scores and grades from Accounting, Economics, College Algebra, SAT scores and college QPA suggest those good students, with good math skills and did well in the prerequisites, have substantially better foundations for Principles of Finance. Significant negative correlations between test scores and the number of terms since finishing high school indicate the difficulties of students whose progress through higher education was neither continuous nor orderly or smooth. Analysis of variance (ANOVA) indicates that mean pre test scores were significantly different for students in quantitative versus non-quantitative majors, but that there was no significant difference in post test score means. While the mean pre test scores were almost identical ANOVA showed statistically lower post test score for female and transfer students, suggesting that they need additional help and/or different teaching methods. In addition to providing instructor feedback, the findings from the test were used to change the School of Business undergraduate curriculum, by adding College Algebra to the prerequisites for Principles of Finance.