This study examined the predictive power of self-regulated strategies and test-taking motivation on achievement performances under consequential and non-consequential test conditions. Sixty-two undergraduate students were asked to take two parallel classroom tests: one that counted towards their class grade (consequential) and one that did not (non-consequential). Each test consisted of a multiple-choice section and an essay. It was hypothesized that self-regulated strategies would predict both multiple-choice and essay performances in consequential and non-consequential contexts. Self-regulation strategy use significantly predicted both multiple-choice conditions; however it only predicted consequential essay performance. As was expected test-taking motivation did not predict test performances in consequential conditions but emerged in both non-consequential conditions. Study findings support the social cognitive self-regulation perspective and expectancy-value motivation theory.