Formative assessments are a critical part of assessment driven instruction. They make the difference between teacher focused and student focused learning. IF they are used to adjust and adapt the next day's lesson and small group/individual reteaching, they make a difference.
This list of 53 ways to formatively assess includes a few of my favorites:
Do a free verse poem with the words you highlighted.
Invent the Quiz
Question Stems (I believe that because, I am confused by)
The Minute Paper, In 1 minute, describe the most meanignful thing you’ve learned.
Bio Poem, Line 1) First Name Line 2) 3–4 adjectives that describe the person Line 3) Important relationship Line 4) 2–3 things, people, or ideas that the person loved Line 5) 3 feelings the person experienced Line 6) 3 fears the person experienced Line 7) Accomplishments Line 8) 2–3 things the person wanted to see happen or wanted to experience Line 9) His or her residence Line 10) Last name