Formative assessments are used during instruction to provide feedback to students and teachers to help improve the learning process. Examples include reflective journals, questions and answers sessions, and feedback collected throughout a term. Summative assessments are used to evaluate student learning at the end of an instructional period by providing a grade. Examples include rubrics, exams, term papers and projects. Formative assessments focus on ongoing improvement while summative assessments make final judgments about student performance and program effectiveness. Both types of assessments have advantages and disadvantages for students and teachers. The document emphasizes the importance of providing descriptive feedback to students.