The term 'IMPORTANT EXAM' refers to two types of exams that are typically taken in educational settings. The first is a FINAL, which is usually the last exam taken in a course and is used to determine a student's FINAL grade in the course. The second is a MIDTERM, which is usually taken halfway through a course and is used to assess a student's progress in the course. Both of these exams are important for determining a student's success in the course.