Regular assessment is a vital part of effective teaching and learning. For this, the "one-minute paper" has been popular among faculty. While many teachers who have used it find huge benefits from it, there are also several weaknesses of this tool that are commonly reported by its users. This paper suggests the "daily quiz" as a better tool for assessing and promoting students' learning. The tool provides a better incentive setup that elicits a more sustained serious response-effort from the students, as well as a sharper focus in assessing cognitive learning. Furthermore, research results in the literature on the effects of frequent testing and the notion of "effortful retrieval" support the author's experience with the daily quiz. End-of-term surveys of students' opinions about the usefulness of the daily quiz also confirm the tremendous benefits from this tool. This paper compares the major characteristics of the "minute-paper" versus the daily quiz, based on a survey of the literature as well as the author's experiences with these tools. This paper will be of interest to those who employ (or are planning to employ) frequent assessment in their classes. It gives them an analysis of the costs and benefits of two common assessment tools.