This exploratory study examines the relationship between preservice teachers' performance on a teaching performance assessment for licensure in elementary mathematics and a measure of knowledge that, in studies of practicing teachers, was found to predict effective mathematics teaching. A sample of 89 preservice teachers completed the Performance Assessment for California Teachers (PACT) and the classroom video analysis (CVA) instrument. Correlation analyses found overall weak associations between measures for the whole group. For groups of high, medium, and low performers on PACT, average scores on the CVA measure and its subscales varied in the predicted direction. However, individuals within the PACT performing groups had a relatively broad range of scores on the CVA, and several preservice teachers who performed poorly on PACT had average or better than average performance on the CVA. Similarly, several of the PACT high performers scored below the whole group CVA average. In addition to suggesting areas for future research, the findings raise questions about assessing preservice teachers' readiness to teach mathematics and the use of a single measure to make licensing decisions.