Quiz is a form of question creation suitable for repetitive learning and review. A test is a one-time test or a form of question creation suitable for an exam.
When you create a question using "Create quiz," "Master Mode" is the default. It is a setting suitable for repeated learning.
If you create a question using "Create Test," the default setting is "Normal Mode," which is suitable for testing and exams.
In addition, when creating questions, you can limit attempts that can be used for tests and exam, hide pass/fail and score details, and set the access period.
Refer to the following for details on the difference between master mode and normal mode.