The concurrent validity of the Achievement Anxiety Test (AAT) and its factor structure are investigated to provide empirical evidence about the quality of AAT. State and trait anxiety were measured by State and Trait Anxiety Inventory (STAI), mathematics anxiety was assessed by a 24-item revised version of the 98-item Mathematics Anxiety Rating Scale (MARS-revised), and mathematics achievement was measured by a 48-item mathematics test derived from ACT's College Mathematics Placement Program (MT). The 19-item AAT consisted of two hypothetically independent subscales: facilitating (AAT+) and debilitating (AAT-). Mean and standard deviations for all tests were calculated, and a correlation matrix was completed which showed the instruments' interrelationships. A principal component factor analysis specifying a two factor solution was elected to provide a check on the soundness of considering AAT as being comprised of two independent factors. Results of the two factor varimax rotation showed that 16 of the 19 items had sufficiently high loadings on either of the factors, using .40 as the cutoff value. (RL)