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This study investigates preservice teachers’ beliefs about the function of grades and of feedback in classroom assessment practice. Using the Grading-as-Feedback (GAF) Survey, comprising 7 fixed-choice items paired with open-ended justifications, responses from 287 teacher candidates were analyzed using both qualitative thematic coding and quantitative IRT Rasch modeling. Quantitative results support the internal structure of the scale, with strong person separation reliability (r=.81). Qualitative thematic analyses of novice teachers' responses revealed persistent misconceptions—such as equating grades with actionable and useful feedback—alongside emerging awareness of formative assessment principles. Findings underscore the need for explicit instruction in grading and feedback literacies. Future work includes longitudinal validation of the GAF instrument across multiple institutions to map belief trajectories and strengthen measurement precision.