Recent studies reiterate the importance of mathematical literacy and the identification of skills, knowledge and cognitive processes which contribute to composite test scores to facilitate targeted remediation and extension activities. To this end, the current article examines data from the 2012 cycle of the Programme for International Student Assessment (PISA), using multilevel modelling techniques to explore the relationship between selected student-level and teacher/school-level factors and the three processes of "interpret," "employ" and "formulate" which were measured as the skills underlying mathematical literacy in that assessment. Results of the analyses indicate that boys outperform girls significantly (p < 0.001) in all three processes whereby "formulate" invokes relatively more inter- and intra-level influences compared with "interpret." Apart from the relatively higher item-difficulties of "formulate," an increase in the complexity of contextual effects at the student and the teacher/school-level emerges as mathematical processes move from "interpret" to "employ" to "formulate." Findings also reveal that students taught by teachers who had mathematics as a major in their undergraduate studies and who work in relatively smaller classes or groups show higher performance in all three mathematical literacy processes. Use of ICT in mathematics lessons is negatively associated with the three mathematical literacy processes. The additional negative effect of mathematical extracurricular activities at school on the processes highlights the need to rethink how technology and extracurricular lessons are to be used, designed/structured and delivered to optimise the learning of mathematical processes, and ultimately improve mathematical literacy.