These attributes are targeted to the <input type="submit"> input fields. They are rarely used, so no questions about them will be asked in the quizzes of Week 5.
<input type="submit"
formaction="preview.php" formmethod="get" value="Preview">
When you use an <input type="submit"> field with the formaction attribute, the action attribute value of the form is overridden. The form will be submitted to the URL / value of the formaction attribute of the <input type="submit"> field.
The formmethod attribute does the same with the POST/GET method attribute of the form. If an <input type="submit"> has a formmethod attribute, it overrides the value of the method attribute of the form.
<form action="post.php" method="post">
<input type="submit"
formaction="preview.php" formmethod="get"
value="Preview">
<input type="submit" value="Send">
</form>
Line 3 overrides the values set in line 1.
Here are two online examples at JSBin:
The first shows a form with two submit buttons:
the first button submits to the default URL specified by the action attribute of the form,
the second button submits to another action specified by its formaction attribute.
The second example shows a form with two submit buttons:
the first button submits using a GET,
the second button using a POST: