Here is the complete list of PSAT Vocabulary. PSAT stands for Preliminary Scholastic Admission Test. This is administered for getting qualified to seek admission and administered by College Board in USA. Approximately 4 million students from all over United States take this exam each year. All the college-students take this test. Some time, few school students also take this exam. The scores from the PSAT are used to determine eligibility and qualification for the National Merit Scholarship Program in United States. This test consists of two sections : Quantitative and Verbal Sections. The students have to apply for this test only through the school in which they are studying. This is multiple-choice question-type test. Since the cost of education in USA is relatively high, almost all students take this test in order to seek scholarship to meet their educational cost in Colleges.