I wish I had all the answers. Heck, I wish I could better predict the best questions... Here goes anyway:
I am not great at formative assessment, other than knowing my kids and walking around to observe. I do have a magnetic red-yellow-green board (of my own design) to simplify the notion of exit tickets.
My method of evaluation includes 2 kinds of quizzes. Content (at 1 less than, to 1 greater than, the appropriate grade level) and Basic Skills Quizzes, or BSQ's. BSQ's allow me to individually assess students and set baselines which are useful in establishing individual learning goals for the year.
The true strength of BSQ's, because they require (primarily) pure computational skill, is that they are easy to electronically grade. Do not be tempted to make these multiple choice. Use a good App, like Socrative. I have heard that one of google's apps can do this, and I wish knew how to do it...
Students must "pass" the previous quiz to move on. I require 8/10 on the + and - quizzes and no less than 70% on the rest, or the student MUST reassess. Students who complete all required BSQ's get free time while listening to headphones, to read or work on the material for another class ( or to do sudoku or magic squares, etc).
I have a student who got 0 of 10 right on a three digit + three digit number quiz. Standardized assessment is similarity low. BSQ scores give me a clue at what level the student is, and let's me know where to start helping him.
I am willing to share what I have with regard to BSQ's to anyone willing to work with me on building a library of these. Include your email, or email me and we can discuss a dialogue on this topic.
*** dear Socrative.com... Love the app, but wish a few things were different. When running a quiz, once all students have completed, the % should change from percent completed for each student to percent correct for each student. Also, teachers should be able to run at least 3 different assessments simultaneously. More would be better.