Indeed -- and something not to be overlooked is the fact that credits = $,$$$ and time. I had calculus in high school that was taught through a small local college, but my university didn't want to accept it. Well guess what? They had something called "Credit by Exam."
I took a test, passed with flying colors, and think I maybe paid $150 for my four credits.
Four credits for a typical class, at the time, was about $1,500-2,000 (or maybe even a bit more?). So.. you'll save some dough.
But guess what? Not needing to actually spend the time taking those four credits (or more) will also free you up to take classes you are more interested in or think will provide more utility to your education. Go deeper and take an extra class in whatever field... or go broader and learn something completely unrelated to your field.
There's quite a bit of freedom in this advice over and above what you're getting credit for (the AP this-or-that vs. some-other-subject debate).
I can't overemphasize how true this is. The economic advantages that APs have given me are staggering: I took 14, passed all of them, and started at my local state college with enough credit to obviate all but one of the 30-40 credits of required gen. ed. courses. Since they're effectively paying me to come here, I didn't graduate in 2 years like I could have, but instead am taking the full 4, getting a double major, and actually struggling a bit (even after many courses taken just for fun) to find enough classes to maintain full enrollment. Those tests cost about $1000, but seeing the benefits they were literally worth more than ten times that.
If you're a smart young teenager who plans on attending college, consider taking lots of AP Exams.
Advanced Placement Exams are a suite of standardized tests created by the College Board, the same entity that administers the SAT and related tests. There are currently 34 of them, ranging from Art History to Environmental Science to Microeconomics to three flavors of Physics.
High school students are generally given a limited opportunity to take AP Classes. If you're in a good school and get good grades, you might get the chance to take as many as six by your senior year. However, if you're able to pay a small fee, you can take any of these tests at the end of any school year. Any school that administers AP Exams is required (I think) to allow you to take them, regardless of whether you've taken the course or are even enrolled in the school, and you can probably find a school within a few hours that offers any given exam. Colleges will treat a high score on the test the same whether or not you've taken the formal course.
When applying to a college, if your academic transcript contains, say, twelve passed AP Exams, it will look twice as impressive as that of a high-school valedictorian. You'll have proven in a very direct and comprehensible way that you are good at academics, that you have taken initiative, and that you are willing to work within the system to appear remarkable. You'll get into more colleges and get more merit-based scholarship offers.
Furthermore, you'll have an advantage in negotiating the college bureaucracy once you're in. Some colleges will let you apply all of your AP exams directly as course credit, which means you can enter as a sophomore if you have enough. This not only shortens the time necessary to get your degree, but gets you access to the advanced classes with high-quality professors faster. Most will at least let you use some of your tests in lieu of some of the general education requirements: e.g. if you've gotten a 4+ score on both Spanish Language and Spanish Literature, you probably never have to study a language again if you don't want to.
To figure out whether this will work for you, go to the College Board's Teacher's Guide site. For each subject that even vaguely interests you, download an old test or a practice exam (you may need to identify yourself as a teacher when creating a login account; this is never a lie). You may find that you are already qualified to take several exams, and nearly qualified for many others! This despite your school (if you have one) claiming that you need to wait three more years and sit through nine months of classroom instruction first.
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