Persona 3 Reload, like past entries in the series, will have you answer test questions in the classroom on certain days, while also preparing you for exams that take place over multiple days.
Persona 3 Reload is a complete remake of the original Persona 3 game, and thus has almost completely different quiz questions and answers. Surprisingly, there's an overlap here and there, with a few questions in Reload being similar if not completely the same as in the original.
In Persona 3 Reload, answering the question correctly will increase your Charm, which is an important stat. The higher your Charm, the more activities you can do, such as unlocking certain Social Links or entering certain buildings.