AACSB has mandated that the documentation of student learning will become increasingly important in decisions regarding initial accreditation and reaffirmation. Assurance of learning is a major part of the accreditation and reaffirmation process. All universities will need to develop a set of learning goals for all their programs. These learning goals need to be assessed using a systematic set of learning experiences. The focus is on program assessment. Each student needs to be exposed to these set of learning experiences and the results need to be documented, the results analyzed and necessary changes made to the curriculum in order to "close the loop" for assessment. One important learning goal for business programs is the assessment of business knowledge and skills. Students need to be measured on this learning goal throughout the curriculum. The present study, using a rubric developed by a doctoral student, attempted to measure business knowledge and skills using a simulated marketing environment. The simulation employed was the Market Place. It was chosen because of its complexly dynamic environment, integration of functional areas and the particular game level chosen was ideal for capstone courses. Students competed against each other for a total of eight quarters. There were six teams involved in the simulation. The performance tool was a balanced scorecard. Students took the assessment instrument during quarter 6 decisions. The results indicated that those teams who scored highest on the balanced scorecard had significantly higher scores on comprehension and understanding of business knowledge and skills.