Introduction To Finance

I read about the Bretton Woods system on Wikipedia, and I will post a short summary of what I learnt:

The Bretton Woods system is an international attempt to create a stable money management system that would simplify international trade. This agreement was signed in 1944 by 44 Allied nations. Countries agreed to maintain fixed exchange rates that did not fluctuate more than 1% of their current value. Also, the US dollar was selected to be the "international" standard which nations would buy and sell to maintain a stable rate of their own currency. This dollar would be backed by gold, at $35 per ounce of gold. In 1971, inflation of US currency caused United States to abandon dollar's backing by gold. This happened because the dollar was over-printed and has lost its value. A series of other agreements, such as the Smithonian Agreement, followed to repair the damage and set up a dollar-to-gold standard, as well as acceptable currency fluctuations.

The gold standard was a monetary system in which currency is backed by gold. Thus, if desired, a person would be able to exchange a certain amount of money for gold bars. There are several variations: gold specie, gold exchange and gold bullion. Gold specie standard is a situation when coins and circulating currency are made of gold. Gold exchange standard is when circulating currency is not made of gold, but the country has a fixed exchange rate with another nation whose currency is backed by gold. Finally, gold bullion standard is when the government promises to exchange circulating currency to gold on demand. 

I was curious about how closely we going to be following the assignments in the syllabus? Are we supposed to answer the 4 questions? Sorry, but I am slightly confused.