The first part of this two-part paper [see EJ787497] described the development of a new freshman business mathematics (FBM) course at our college. In this paper, we discuss our assessment tool, the business memo, as a venue for students to apply mathematical skills, via mathematical modelling, to realistic business problems. These memos have proven a crucial step in turning our FBM course around from a dreaded course with little connection to students' intended careers into a course where students experience the power of mathematics for solving problems and informing decisions. Comments from students in the course throughout its 6-year history clearly point to the course's value and importance.