Business students' observations of corporate ethical behavior and social responsibility were studied. The research objective was to examine the contention that the education of business managers should include courses in business and society because such courses would heighten student perceptions of the ethical and social dimensions of managerial decisions. It was also hypothesized that graduate students would differ from undergraduates in business literacy and perceptions. A questionnaire administered to a sample of undergraduate and graduate students in the Hagan School of Business at Iona College yielded 1,687 usable responses. The design was cross-sectional and was administered during the 1982-1983 academic year. The instrument was designed to measure the students' business literacy, perceptions of corporate social responsibility, perceptions of business ethical situations, judgments of personal ethical situations, and socio-economic characteristics. Beliefs held by the sample of students were not significantly influenced by courses in business and society. Factors that explained attitudes toward business behavior appeared to be exogenous to the formal education experience. Business literacy was unrelated to perceptions of corporate behavior. In addition, graduate and undergraduate students did not differ in their perceptions. (SW)