Specific questions addressed in this study include how time limits affect a test's construct and predictive validities, how time limits affect an examinee's time allocation and test performance, and whether the assumption about how examinees answer items is valid. Interactions involving an examinee's sex and age are studied. Two parallel forms of both sentence completion and non-graphic quantitative items were administered by a computer monitor to 80 volunteer graduate students. They were randomly assigned into two groups in which the form of the test and the order of the timed and untimed conditions were counterbalanced. Except for one form of the quantitative tests, little evidence was found to suggest that a test's construct and predictive validities were jeopardized by time limits. Items whose difficulty values were affected the most by test speededness appeared to be measuring higher- rather than lower-order cognitive abilities. It was found that most students answered items sequentially and did not omit items once they were considered. The caveats to the above findings are discussed. Several additional findings as well as suggestions for further study are provided. (Author/JAZ)