gnowledge is a free service that lets you create, publish, share and take tests, exercises and assignments. You can create tests which are then indexed on your home page ("Vanity") which also shows the scores and answers. You can share the tests with your students and monitor their performance. The tests can be randomized so that students can take them multiple times as practice.
This site could be very useful for practice tests, formative or summative assessments and data collection for teachers and schools.
Students could also create their own tests as study aids and can see if there are any available tests that could help them.
The site is easy to use and has tutorial videos available to help, along with a support page.