托福 is a phonetic rendering of TOEFL. Helpfully, the chosen characters 托 'entrust' + 福 'fortune' also form the everyday phrase 托福 'thanks to your good luck' — a polite reply to health inquiries. Context makes the meaning obvious.
usage
Used with 考 for taking the test: 考托福. Score is given in 分 — typical competitive scores for US grad programs start around 100.