My son flew back home smiling after finishing the entrance exam.
What? The entrance examination fees are that expensive? I'm gonna go bankrupt!
What! She’s failed the entrance exam?
For school admission (入学) you're taking an examination (試験). What exams do you have to take to get into a school? How about entrance exams? The Japanese ones are pretty hard. Another word for them is "hell tests."
This is a jukugo word, which usually means on'yomi readings from the kanji. If you know the readings of your kanji you'll know how to read this as well. It'll also help if you know the two separate words that make up this longer word.