I thought this would be a good time to do some more research on ways to broaden my understanding of these two forms of assessment
Summative assessment (or summative evaluation) refers to theassessment of participants where the focus is on the outcome of a program. This contrasts with formative assessment, which summarizes the participants’ development at a particular time.
I found a deeper explanation then above and even found some examples on this webpage.
Formative Assessment –
Formative assessment, including diagnostic testing, is a range of formal and informal assessment procedures conducted by teachers during the learning process in order to modify teaching and learning activities to improve student attainment.
I found on this website more information about Formative Assessment and examples of formative assessment