Exams are automatically graded after student submission. You can choose to allow the student to navigate the exam freely or take one question at a time without the opportunity to return to a question. When graded you can also choose to review the missed questions with the student or simply show their grade. Grades may be displayed by objective or overall.
A passing grade may be determined by the students overall score or it may require every objective to be passed. Regardless of the outcome these results are stored in the users "profile" where you may lookup scores or even see the questions taken and missed.