Begin by balancing the Half-Reactions:
1: Write out unbalanced half-reaction: H2O2 ---> 2OH-
2: Identify the number of electrons in redox reaction: 2 electrons (Reduced)
Both oxygens go from a -1 to -2 oxidation state. Both gain 1 electron each.
3: Write out unbalanced half-reaction: VO^2+ --> VO2^+
4: Identify the number of electrons in redox reaction: 1 electron (Oxidized)
Vanadium goes from a +4 to +5 oxidation state: It loses 1 electron.
5: Balance the electrons in both half-reactions by cross multiplying:
(H2O2 + 2 electrons ---> 2OH-) x 1
(VO^2+ --> VO2^+ 1 electron) x 2
After multiplying (for simplicity I'm excluding electrons):
H2O2 ---> 2OH-
2VO^2---> 2VO2^+
6: Now balance the charges in each half-reaction by adding OH- or H+. Because this is a basic reaction, add OH-'s:
Right side has a net -2 charge; add 2OH-'s to left side.
2OH - + H2O2 ---> 2OH-
Right side has a net +2 charge; add 2OH-'s to right side.
2VO^2+ ---> 2VO2^+
2OH-
7: Balance the Hydrogens in both half-reactions by adding water:
2OH- + H2O2 ---> 2OH- (already balanced)
2OH- + 2VO^2+ ---> 2VO2^+
+2H2O
8: And finally, add together the two half reactions: (making sure to cancel out molecules that appear twice)
2OH- + H2O2 ---> 2OH-
2OH- + 2VO^2+ ---> 2VO2^+ + 2H2O
--------------------------------------
2VO^2+ + H2O2 -+ 2OH- --> 2VO2^+ + 2H2O
Notice the oxygens don't balance until you add both half reactions together. This is why we don't bother balancing oxygen atoms because they'll balance in the end (provided you balanced everything else correctly). I definetly wouldn't go through this process for the MCAT. Instead I'd just check to see if the charges are the same and the #atoms equal each other for each choice.