The "final" day of reckoning in a class when your presumed knowledge is tested and found to be lacking.

makes me want to crap myself

End of term exams that usually last 1-2 weeks. The worst part of existence for a high school or college student.

Finals are an attempt by teachers to prove that you haven't been bullshitting the entire class, which of course you have. Thus, finals week consists of subsisting on copious amounts of caffeine, limited amounts of sleep, and study sheets downloaded from the internet. Also characterized by large amounts of panic and procrastination posts on Facebook and Twitter.

They account for huge fucking amount of your grade, and it is scientifically proven that you never get the grade on your final that you want to.

The worst thing ever. Only applicable in high school and intermediate school. Finals can stand for:

Fuck
I

Never
Actually
Learned (this)
Shit.

OR

Fuck
It
No
Assholes
Learn
This
Shit

Semester's-end examinations that count for (where I live) 15% of the semester grade.