Questions banks can be built, or imported from publishers
What is the difference in Schoology between Assessments and Tests/Quizzes? ​Schoology will eventually move from Exams/Tests to Assessments as their online tool for all testing. Any work that is done can be converted forward, but overall you should use Assessments.
Giving users the option to take a test multiple times for low level learning applications can help users learn material.
If you set a time limit on a test, remember that additional time might be needed for accessibility reasons. Watch this video here to learn what you need to do.
If you do not want an automatic score returned immediately to your students, throw in one open ended question that requires input on your part before the score is returned.