The aim of this study was to evaluate the psychometric properties of an expectancy-value-based questionnaire measuring five aspects of test-taking motivation (effort, expectancies, importance, interest, and test anxiety). The questionnaire was distributed to a sample of Swedish Grade 9 students taking a low-stakes (n = 1,047) or a high-stakes (n = 536) test. Structural equation modeling largely supported theoretical assumptions and psychometric properties were acceptable. Expectancies and importance were significant predictors of effort, and effort significantly predicted performance in both test situations. Furthermore, measurement invariance across test situations was investigated. Partial scalar invariance was obtained and latent mean comparisons showed significantly higher levels of reported test-taking motivation in the high-stakes context. The study findings suggest that the present instrument can be used in low- as well as high-stakes assessment contexts not only to get an extended knowledge of test-takers' perceptions of tests but also to control for lack of motivation when stakes are low for test-takers.