On Trunk, in Tests & Quizzes, if you create an assessment called "Accounting & Finance," the ampersand ("&") shows correctly.
If you delete this assessment, and then look for it in the new "Restore Assessments" tab, it will now be called "Accounting & amp; Finance." Other special characters appear to function without any problems (i.e. $ ^ * () # @ !).
When you restore the assessment, the ampersand does comes back though.