iTest is the kind of program teachers love and students hate: a complete tool to create exams and tests of all kinds.
The program is divided into two main applications: a server, which is the one the teacher uses to create the test, and the client, launched by the students who are taking it. Questions can be multiple-choice and have attached images, but unfortunately they must be in SVG format (and not other more popular formats such as JPG or BMP). You can also assign different difficulty degrees to questions and even set the time limit to answer each of them.
Once the server is up and running, the clients (students) can connect to it and begin the test. The teacher will then be able to track their progress and correct their answers on the fly, so that they can receive their grades upon finishing the test.
Generally speaking the whole system works fine but it's not that easy to use. We strongly recommend to read documentation thoroughly if you want to take full advantage of the program's functions. Also, I missed having some kind of sample database or questions to get you started, instead of having to create everything from scratch right from the beginning.
A full-featured yet complicated tool to create all sorts of exams.