Students named risky behavior perceived as common to peers of similar ages and then rated the level of involvement in these behaviors. The perceived positive and negative outcomes of risk were also named and rated on perceived likelihood and desirability/undesirability. Results revealed that the participants regarded smoking, drinking alcohol, dangerous driving, taking drugs, criminal behavior, sporting risks, antisocial behavior, minor rebellion, school-related risks, and sexual activity as risky behaviors. Negative outcomes of risk were categorized as death, disability, punishment, and social consequences. Benefits included pleasure, material gain, and avoidance of negative outcomes. Findings also revealed a consistent pattern of relationships between risk participation and perceptions of outcomes. Perceived pleasantness and likelihood of positive outcomes and the unpleasantness of negative outcomes were strongly associated with behavior. Tables and 30 references (Author abstract modified)