A verdict is a decision made after a lot of considering, usually made by the jury in a courtroom. If you've finally decided that the test was unfair, that's your verdict and you should talk to the teacher about it.
Although verdicts are usually announced in a courtroom, any time someone makes a judgment about something, it's a verdict. The truth lies in the root of this word: ver comes from the Latin verus, meaning "true." Ver shows up in other words — to verify something is to prove that it's true, and veracious is an adjective meaning "truthful." And the truth is exactly what the judge needs when he's trying to decide the verdict of a case.