Feedback is a process in which students play a central role. To support this process, recent conceptual research suggests that students need to develop feedback literacies. However, additional empirical research is required to validate emergent frameworks of feedback literacy, including an investigation of the components of feedback literacy, their interconnections and their impact on students' learning. This study assessed students' level of feedback literacy and the interconnections between the theorised components of a framework developed by Carless and Boud. It also investigated the association between students' uptake of tutor feedback and their performance on a nested and authentic assessment task. Participants were N = 130 first-year Business and Economics undergraduate students. Data were obtained from these students through a self-report survey, analysis of changes made based on tutor feedback, and grade improvement on their final assessment. The results support interconnections between some of the components of the feedback literacy framework, and suggest a positive association between student feedback literacy and task performance. These findings not only strengthen understandings of feedback literacy theory, but also help educators identify which areas of student feedback literacy most need to be improved to enhance the effective use of feedback.