1) A geometric series is the expression of the sum of terms in a geometric sequence. The sum of a finite geometric series can be calculated using the formula Sn = a(1 - r^n)/(1 - r) where a is the first term, r is the common ratio, and n is the number of terms. 2) Geometric series converge when the absolute value of the common ratio r is less than 1, and diverge when the absolute value of r is greater than 1. 3) The homework assignment includes evaluating example geometric series, determining whether other series converge or diverge, and completing a worksheet to review for a test on geometric series.