This can be tricky. I don't think I'll compute every quiz and test scores to come up with a grade for every semester. I do recognize that every score in an activity is a valid form of assessment of the child's understanding of the subject, for which I may have to use external tests from time to time. For our family, it's more important to assess how much my child has understood a lesson that is being taught, so that it becomes inherent for us to go over the subject repeatedly until he has a firm understanding or grasp of the matter. Unlike in brick & mortar schools, one moves on to the next lesson just as long as he/she "passed" which does not necessarily mean that the student has a mastery of the subject. We aim for our children to really learn, not just "pass".
We'll also be commenting on, and include in the record, work habits, developmental milestones, character, special recognition, and volunteer work/ extra curricular activities.
From 1st grade onwards, we'll have the kids take tests yearly with DepEd's standardized exams, which can also reveal their strengths & weaknesses.
So, ours will probably be descriptive. For pre-K/ Kindergarten, maybe we'll just use smileys or stars. :)