Each builds on the other. I recommend studying at least 2 hours outside of class for each one hour in class for a C grade. This, of course, is an estimate. Your particular ability and comfort with material will vary, thus the effort and type of studying needed will vary.
Exams typically take almost the full hour and are usually multiple choice.
However, I reserve the right to use short answer or essay if I feel the class needs that experience. Each exam assumes information which appeared on the previous exam. You may even see an item appear again. So don't take it and forget it. See course syllabus.