There are heaps of differences between the quiz- and the exam section, but the main difference is this:
The quiz format should be used for creating gamified quizzes, where you want to make it fun & challenging to take the quiz. Time is running and the main purpose is to get as many questions right as possible. Questions are shuffled & you can choose between several difficulty algorithms. A leaderboard is part of this format, obviously.. : )
The exam format is used for creating more serious tests. You can still limit the amount of time, but it's not as obtrusive as in the quiz-format. You can add explanations to the questions and answers, to reinforce the information transfer. Users can pass or fail the exam and a certificate can be reached out for completing an exam with any given score.
Now there are far more - often little - differences that could be decisive factors when you need to choose between using the quiz- and the exam format. So please don't hesitate to contact us if you would like to discuss your case to help determine which format would be best for you? : )
Just send us a mail to firstname.lastname@example.org