Playfulness, externality, self-perceptions, IQ, first-grade readiness, and selected demographic variables were studied in a sample of 93 first and second grade children. Playfulness and externality were obtained from teacher ratings on the Child Behaviors Inventory and self-perceptions were obtained via child interviews using Harter and Pike’s (1984) Pictorial Scale of Perceived Competence and Social Acceptance for Young Children. Neither playfulness nor externality correlated Significantly with any of the following self-perception scales: (a) cognitive competence, (b) peer acceptance, (c) physical competence, and (dad) maternal acceptance. Pearson correlation coefficients reflected a significant but low relationship between IQ (measured via the Block Design and Vocabulary subtests of the Wechsler Intelligence Scale for Children-Revised) (r = .26, p < .05) and Playfulness. A significant but low correlation was also found between Playfulness and social status (r = .26, p < .05). A principal components factor analysis, followed by varimax rotation yielded a four factor solution. Factor 1 was comprised of cognitive variables (IQ and first-grade readiness). Factor 2 was comprised of the self-perception subscales. Factor 3 was Externality and Factor 4 loaded heavily for gender. Examination of the final communality estimate indicated that playfulness contributed little to the total variance and should be interpreted as a measure of a trait which is independent of cognitive functioning, self-perceptions, externality, gender and age.