Many approximate theories have been advanced for the analysis of elastic wave propagation in layered composites. Most comparisons between these theories and the linear theory of elasticity have been restricted to cases of harmonic wave propagation. In this paper, such comparisons are made in a somewhat more demanding context: namely, the steady-state response of an unbounded periodically layered medium to a moving subsonic load, simulated by a self-equilibrating body force. Both the load speed and load thickness are adjustable, lending a valuable flexibility to the study. The approximate models treated are as follows: the effective stiffness theory, the effective modulus theory, a Nayfeh and Gurtman-type mixture theory, and a Hegemier-type theory of interacting continua. All responses are assumed to have achieved a steady state, and a Fourier transform is used with the linear theory of elasticity. Inversion is achieved numerically, through use of the Fast Fourier Transform. It is found that the effective stiffness theory is the most accurate overall of the approximate theories considered though not entirely satisfactory, and that, for this theory, load thickness, rather than load speed, is the decisive parameter.