Test anxiety is a context-specific academic anxiety which can result in poorer academic and metacognitive performance. We assessed how the quantity and relative weight of assessments contribute to the effects of test anxiety on performance and metacognitive accuracy in a smaller seminar-style class on human memory (study 1) and a larger lecture-style class on cognitive psychology (study 2). Students took six low-stakes quizzes each worth 10% of their final grade in study 1 and two high-stakes exams each worth 40% of their final grade in study 2. All students provided their state anxiety and predicted their scores before and after each assessment. Students in both classes also provided their trait (overall) anxiety after the final assessment. In both studies, students' higher post-state anxiety appeared to be associated with worse assessment performance; however, pre- and post-state anxiety decreased across the quarter in study 1 but remained constant in study 2. Additionally, we found that metacognitive accuracy moderated the effect of post-state anxiety on performance in study 1. Students with higher trait anxiety in study 1 were under-confident in their scoring predictions, while in study 2 students with higher trait anxiety performed worse on their assessments. Thus, students' metacognitive accuracy appears to be influenced by trait anxiety when taking low-stakes quizzes, while performance is related to trait anxiety when taking high-stakes exams.