Free Quiz Software is a stripped down version of Quiz Edition. It's powerful for a free product, as you can see from this quiz on the seven wonders. It includes Multiple Choice questions, with feedback on each question and option and a full printable report. The results-by-email service is also supported. The personal license means you can author non-commercial quizzes on a computer that you personally own.
The restrictions (and benefits to upgrading to Quiz Edition) are
1. Only Multiple Choice Questions (No Matching, Multiple Response, Fill-In-The-Blank)
2. Only works with one theme (Fresh, Quiz Edition has many more themes)
3. No images or Flash animations with each question (Quiz edition now supports importing Flash 6)
4. No advanced options tab
5. No HTML text formatting (No subscript/Superscript)