From Teflpedia

Stakes (/steɪks/) are important in assessment. A high stakes test is one where an important decision rests upon the outcome of the test; an example being whether or not to admit someone to university course, where construct reliability is a serious concern. Conversely, a low stakes test is one where decisions are relatively unimportant because there aren't downstream effects, or those effects can be otherwise mitigated. Placement tests are often low-stakes because any misplacement can be corrected.