Qwizdom is an electronic audience response system that allows teachers to poll students and assess understanding. It works by having students respond to multiple choice, true/false, and short answer questions using handheld remotes. Qwizdom can be used for formative assessment to check understanding, summative assessment of units or courses, and student participation. Some benefits are instant feedback, engagement of students, and storing of assessment results. However, it also requires development time for questions and may not be accessible to all students.