The goal of formative assessment is to monitor student learning to provide ongoing feedback that can be used by instructors to improve their teaching and by students to improve their learning.
Formative assessments are generally low stakes, which means that they have low or no point value. We cover it by questioning during the lectures given during consolidation.
The goal of summative assessment is to evaluate student learning at the end of an instructional unit by comparing it against some standard or benchmark. Such assessments are often high stakes, with a high point value.
We cover that requirement by progress tests and mock exams.