In the narrow sense, quality education is a superset of quality curriculum, quality teaching, quality books (methodical materials), quality practices and a qualitative evaluation.  This research refers to the main problems of effective construction of multiple choice tests to assess knowledge in economic and financial field, as a form a qualitative evaluation used in majority of universities and institution of vocational education and training in the world.  Multiple choice testing is an efficient and effective way to assess a wide range of knowledge, skills, attitudes, abilities, values, thinking skills, etc. Multiple choice testing brings an efficiency and economy of scale that can be indispensable. Because students can respond to dozens of questions in a class period, it allows broad coverage of content. Multiple-choice items are flexible enough to tap nearly any level of Bloom’s taxonomy. Of course, these advantages only accrue when the items are well written and the test well constructed. That takes time, planning, creativity, and thoughtfulness.