The current study is aimed to investigate whether risk aversion and loss aversion are key parameters affecting students’ decision to leave questions unanswered in tests with negative scoring; and further discusses whether a gender-gap is observed relative to measures of risk and loss attitudes and leaving questions unanswered. According to prospect theory, people’s decisions in uncertain and risky situations are affected by their attitudes toward risk and losses. The way they perceive outcomes of an alternative as gains or losses and the value they give to those concepts, influence their decisions. Under a mixed scoring rule that penalizes wrong answers and rewards correct answers, risk averse test takers are believed to avoid guessing and end up with lowere expected scores. In this study data was gathered from participants whose risk aversion and loss aversions have been measured and recorded in addition to their university test records in two years. The regression analysis of the data with questions fixed effects, using a self-reported measure of risk attitude (SOEP) as the main explanatory variable and measure of risk preference along with students' academic records as the control for the ability, shows that there is no significant impact of risk aversion on the likelihood of leaving questions unanswered, although the observed gender difference is highly significant.