A process for manufacturing close tolerance thick film resistors on a ceramic dielectric substrate is disclosed. The process includes the steps of printing resistor terminations to the dielectric substrate using a precious conductor material and fixing the resistor terminations by drying and firing in air. A resistive material is next printed to portions of the resistor terminations and to the dielectric substrate intermediate the resistor terminations. The resistive material is fixed by drying and firing in air. Terminal pads, conductor traces and resistor interconnections are printed on the dielectric substrate using a base conductor material. The resistor interconnections are also printed to the resistor terminations and to portions of the resistive material. The terminal pads, conductor traces and resistor interconnections are then air dried and fired in nitrogen. The resistor material is trimmed to tolerance by kerfing the resistor material and a dielectric encapsulant is printed substantially over the resistor interconnections and resistive material. The encapsulant is cured using an infrared light source, or conventional oven.