I'm think mostly about high school age kids:

If you want to apply to a university, how do you send 'transcripts'?
Do you have a GPA? Class Rank? If so, does anyone believe it?
I assume you have to pass state standardized tests?
Do you end up with a GED or is there some sort of legitimate 'diploma' equivalent?
What if the student is really smart but the parent can't teach upper-level classes (calculus, etc.)?
What if the parent can't teach hardly *any* of the classes?
Are there online classes they take or something?

Like I said, these are honest questions. I'm ignorant on how the whole thing works (no I'm not thinking about doing it).
I've been thinking about these things since a lady in the ward pulled her 5 kids out of school and is "home schooling". Two of them are in high school.