Have you tride using quiz module of moodle: http://moodle.org/mod/forum/view.php?id=737 I had used it once, wayback and I was a bit impressed by it. Here is demo: http://moodle.org/mod/quiz/index.php?id=34
SavSoft Test v4.0 (Online test script) Savsoft test version 4.0 is a php based application which can create and manage online test . you can create various types of questions like true false, short answers and multiple choice questions. you can also setup negative marks in the test. You can integrate (attach) number of files with a question . It supports jpeg, gif, png, flv, wmv, swf and mp3. Bar-Graph is available for last 10 results. Import Questions from Microsoft excel file. we provide both online and email support to our users. Please try our free online demo available on our website (http://savsoft.co.in/demo.php/ ). GET COMPLETE SOURCE CODE. ( Decrypted version, you can edit or modify as your requirements. )...