#1. It keeps them occupied so you can get your work in order for them.
#2. It gives you some insight as to who they are.
#3. It may give you a clue as to who may need extra attention.
#4. It may indicate who are your potential "star" performers.
I save this paper and hand it back on the last day of school along with an exit survey that lets them tell me what they learned over the course of a year. That too is illuminating.
Here's the form I use. Feel free to download it. The last question may not be germane to your students if art is not an elective.
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