Answer:
A piece of paper that determines the academic fate of kids everywhere.
What dresses for summer and sheds in the winter?
I am something that floats. But after a period of time I fall.
What speeds on a track but isn't in a race and has a whistle to announce its steady pace?
What comes once in a minute, twice in a moment, but never in an hour?
Iām grown from darkness but shine with a pale light. Very round I am and always a lady's delight.