Proponents of performance assessments purport that they allow more options for student choice and autonomy and, therefore, are more motivating and more preferred by students. This study explored the role of stakes and the student's familiarity with the format in these examination preferences. A survey of 148 college students suggested that: their familiarity with open-ended assessments led students to prefer them without reference to stakes; they tended to prefer closed assessments when the stakes are low but open formats when the stakes are high; and their goal orientation had no relationship with these decisions. In the end, students seemed to be rather pragmatic and protective of their grades regardless of their goal orientations, which is only natural. The students' goal orientations appear, then, to be desiderata for both them and their instructors, but a graded environment stifles their full operation.