In a pass/fail quiz, students would need to get a certain number of questions correct to earn full points. For example, a Quiz that has 10 questions is either worth 75 points or 0 points at the end of the day. If students get 8 or more correct, they earn 75 points. If they get 7 or fewer correct, they earn 0 points (Thanks @Katie Maxon for the example). This could be used in conjunction with multiple attempts or with single attempt options, depending on the needs of the instructor.