Despite the popularity of both multiple-choice (MC) and true-false (TF) items, most investigations comparing the two formats have done so to determine the optimum number of choices to be given to students within a given time period. The purpose of this investigation was to compare the reliabilities and the validities of both formats when the items were identical except that the MC format presented examinees with a correct and incorrect option while the TF format included one of these two options in the stem. On the TF forms, students responded to a TRUE or to a FALSE option. Items in both formats were further analyzed by developing a MC and TF form having high point biserial correlations; another set of items used distractors chosen at random (all items had been administered previously). A one-way Analysis of Variance (ANOVA) was significant at the .01 level with the MC items yielding the higher means. No differences were found among the Kuder-Richardson reliability coefficients or among the validity coefficients (measured by correlating test scores with overall grade point average). Additional subjects have been tested, and data are being analyzed with a 2X2 factorial ANOVA (MC-TF and two levels of discrimination). (Author/PN)