The aim of this study was to do a broad theoretical modelling of the test-taking motivation construct. A questionnaire including seven different aspects of the expectancy-value theory (effort, expectancies, effort, importance, interest, utility, cost, and test anxiety) was distributed to a sample of Swedish students in the upper secondary school in connection to a low-stakes (n=303) and a high-stakes (n=195) test situation. Relationships to effort and test results were modeled by structural equation modelling. The study findings suggest the students’ perception of the importance of the test and their test anxiety are the strongest predictors of invested effort at both stakes. Further, not only effort but also other aspects were significant predictors of test results, especially on the low-stakes situation.