This short-term longitudinal study examined antecedents (academic achievement and achievement goal orientations) of undergraduates' cost perceptions, and the relations between cost perceptions and later achievement. Two waves of data were collected in one semester from 86 diverse students enrolled in a general education biology course for non-science majors. The results of path analyses suggested that prior biology exam achievement negatively predicted cost perceptions. Mastery approach goals negatively predicted costs while both performance avoidance goals and performance approach goals were positive predictors. Cost perceptions did not significantly predict achievement goal orientations or academic achievement in the course. The results provide preliminary empirical evidence of factors that shape perceived costs. Implications for theory and practice are discussed.