Grade to pass: Specify the minimum grade a student must achieve to be considered to have passed this item. This must be in real grades, not a percentage.
I wish that you could set a global percentage for the fail rate. For our school it's 60%. It's hassle to manually type it for each assignment or quiz.
Perhaps I could drum up an SQL statement to rip through every assignment, flip the flag on, and compute the 60% score for all graded assignments.