The aim of this study is to investigate cognitive correlates of hypnotizability and imaginativity, and to examine cognitive processes associated with Response Expectancy (RE) and responsiveness to different types of hypnotic suggestions. Measures of behavioral and subjective RE, motivation, effort, and confidence were completed prior to suggestibility assessment in both Hypnosis and Imagination conditions. In the third session, a battery of neuropsychological tests (Stroop, Digit Span, Self Ordered Pointing Test, Target Detection Test, and Wisconsin Card Sorting Test) were administered in addition to Imagery and Absorption Scales. RE was associated positively with imagery and absorption in both conditions, and negatively with Effort in Hypnosis and Confidence in Imagination. Passing Ideomotor suggestions was associated with Imagery and Absorption; Cognitive suggestions were associated with verbal facilitation, interference, and weaker working memory. The role of short term memory in conscious experience is discussed in the context of a "Perceptual Control Model" of hypnosis based on interactions of Imagery, Absorption, Verbal facilitation and Dissociation.