This study related articulated thoughts during simulated situations (ATSS) to behavioral observations. Articulated thoughts of undergraduates in supportive and stressful simulated public speaking situations were coded for indices of positive and negative self-efficacy and outcome expectations. Cognitions varied as expected across situations. In the stressful, but not the supportive, situation, a “state of mind” ratio relating (positive) to (positive + negative) self-efficacy was inversely correlated with behaviorally rated speech anxiety and self-reported trait speech anxiety. The results suggest that (1) self-efficacy can be reliably and validly inferred from articulated thoughts; (2) these thoughts are meaningfully related to overt behavior; (3) social cognitive theory might fruitfully incorporate the states of mind model; and (4) “challenging” subjects or clients by such means as imagining stressful situations may be necessary to activate cognitions associated with negative emotions and dysfunctional behavior.