This paper examines the grading policies and practices of about 300 teachers from seven high schools in the San Francisco Bay area. Three questions are addressed: (1) Who or what determines grading policies? (2) How do teachers actually calculate grades, that is, what kinds of performances factors are taken into account by teachers? (3) How do teachers evaluate the grading practices and standards at their schools? These questions are reviewed in light of teachers' assigned school, subject area, academic preparation, and primary student referent group. Findings indicate that teachers are the sole arbiters of grading policies, that they award grades in a remarkably consistent manner, and that many are dissatisfied with grading standards. The apparent contradiction between control and satisfaction is discussed, along with several other interesting results. The appendix contains items from the Teacher Questionnaire for the following categories: demographic and sorting items; grading policy items; grading practice items; and grading evaluation items. (Author/DWH)