Simplify the following text for a Grade 12 native English-speaking person.
Original: The components of Wake Forest University are the Undergraduate College and the Wayne Calloway School of Business and Accountancy , the School of Law , Wake Forest School of Medicine , the Babcock Graduate School of Management , the Graduate School of Arts and Sciences , and the Divinity School .
Simplified: Wake Forest 's undergraduate component consists of Wake Forest College ( School of Arts and Science ) and the Wayne Calloway School of Business and Accountancy .