Using the "View Responses" tab allows teachers to receive real time data as students are completing their assignments. Here is a video going into detail on how this tab works and the type of data you can collect:
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In addition, Formative now offers teachers a way to recognize which students are actively accessing their assignments in real time.

If a student's response is not coming in, you can check the live indicator to see if the student is within the formative assignment at that particular moment or not. Look for the green bubble on the student's avatar/initial icon: