This paper presents the latest in a series of studies examining school district report cards. The purpose was to study the relationships among factors reported on school district report cards from Nevada high schools. The 44 categories reported on Nevada's 1993-94 report card represent the study's independent variables, grouped into the areas of demographics, teachers, students, and expenditures. The 23 high school outcome variables for ninth and twelfth grades represent the study's dependent variables. Analyses indicated that most of the state's report card categories have no relationship to student outcomes. Report cards and the reported analyses of entries should be simple, straight-forward, and easy to understand. The portrait of the impact of the educational process on graduating seniors in Nevada is incomplete, and missing or redundant data can produce misleading findings. The study suggests that the value of advanced degrees and teacher licenses may be less than it has been purported to be and that teacher experience is misunderstood and overrated. Parental involvement at the high school level, as reported in Nevada, is minimally linked to academic achievement. It is possible to glean important information from school district report cards, but the current cards probably report too much data to be meaningful. Eleven appendixes present statistical associations among variables. (Contains 2 figures, 6 tables, and 15 references.) (SLD)