Eric Hanushek and Terry Moe, Hoover senior fellows and members of the K--12 Education Task Force, discuss the recent report on school accountability by the National Research Council (NRC). That report neglected the scientific evidence when it concluded that No Child Left Behind (NCLB) and high school exit exams were not good policies. By the NRC's own evidence, test-based accountability is valuable and investing in these programs has a rate of return that dwarfs that of virtually all governmental programs.