Motivated by a lack of scales for measuring business undergraduates’ grading assessment learning perceptions (GALP), this research created two three-item GALP scales, closed and open. Two separate samples of senior business undergraduates (fall, 2015, n = 220 and spring, 2016, n = 690) were used. Closed GALP and open GALP were identified via exploratory and confirmatory factor analyses. Subsequent stepwise regression analyses consistently showed that satisfaction/reputation had a positive impact and accounted for the most variance in these two GALP scales across both samples. Research limitations and future research issues are discussed.