Formalism, especially as practiced by the Russians, was a predecessor to Structuralism and New Criticism in that it focused primarily on the features of the text itself.
The goal was to find objectively discernible features that made a work of literature Literature.
For the GRE Literature exam, associate the following terms and people with Formalism:
-defamiliarization; devices
-Viktor Shklovsky
For more information, I recommend Culler's Literary Theory: A Very Short Introduction.