It's common for schools to recognize personal achievement in various ways. This starts with honor roll, a quarterly list of students with exceptional grades and performance. Schools view public pronouncements like this as a way to encourage students to do their best.
Schools also host events where they grant awards to students for special achievements. Depending on the school, these presentations may be done during school hours in front of the student body, or they may be at exclusive events during non-class hours. Banquets for academic and athletic achievement are very common during the final year of high school.
The physical awards given out for achievements vary greatly, though they tend to become more impressive as the students grow older. Certificates are common, often given out for in-school achievement. For competitions, achievements can include ribbons, medals and trophies. The above collection of medals includes awards for speech competitions, Academic Olympics and Scholar's Bowl.