What should be the Frequency of tests - daily/weekly/monthly/yearly ?

This has been a question that keeps coming back to my mind.
My kid has some test everyday. Is it good to have it this way or should we space it out and have monthly tests. I couldn't decide and thought will seek other parents opinion on this.
Pros:
- kids are not stressed out as it is not a 'major' event to prep for. Its part of routine.
- They just need to prep for smaller units as they are tested for what is learned in the week. They are not stressed.
Cons:
- They don't understand importance of tests as it is a daily activity and so they do not understand why they should attempt to excel/do better
-They are working on what is learned in the week. They learn, are tested and move to another topic next week that may not be related to this. They forget what they learned the previous week(s). A monthly test would be more summative of their understanding of a concepts.
Some countries have tests monthly, they even have a half-yearly and annual tests that will test them for everything learned in the entire year. The monthly tests and annual tests are weighted differently for their year end grades. Should we adopt such a system?