This study utilized a disproportionate stratified random sample of 161 students (22 schools) identified as gifted according to Louisiana guidelines. The underachieving and achieving groups were each divided into a latency-aged group and an adolescent group, allowing for a four group design. Each student was administered a self-perception profile which assessed perceived competence in five specific domains in addition to a general self-worth domain. It was hypothesized that underachievers as a whole would report lower perceptions of scholastic competence, social acceptance, behavioral conduct, and general self-worth. The data supported this hypothesis. Additionally, it was hypothesized that adolescent underachievers would report significantly higher perceptions of social acceptance than would latency underachievers. Although the data did not support this hypothesis, it did reveal differences between the two latency groups with regard to perceptions of social acceptance. This study suggests that, among the gifted population, high achievement during latency is associated with higher perceptions of social acceptance