Final answer:
Arterial blood is tested for assessing oxygen and carbon dioxide levels, pH, and bicarbonate levels, whereas venous blood is tested for assessing glucose, hormones, and waste product levels.
Step-by-step explanation:
Arterial blood is tested to assess the oxygen and carbon dioxide levels, as well as other important factors such as pH and bicarbonate levels. These tests help in diagnosing and monitoring conditions related to the respiratory system and acid-base balance. On the other hand, venous blood is typically tested to assess the levels of various substances such as glucose, hormones, and waste products. These tests help in diagnosing and monitoring conditions related to metabolism, endocrine system, and kidney function.