I'm not gonna divulge anything specific from my exam per the confidentiality agreement, but yes, you definitely need to know that sort of terminology and jargon.
If you're solid on your organic and biochemistry content review, you should be able to derive the meaning, structure, and even function from those names.
Acetamide is just a derivative of acetate/acetic acid where the carboxylic acid is now an amide. Furanoses are finger membered rings (4 C, 1 O), and you should recognize THF from organic chemistry. Formate is just a derivative of formaldehyde, which you should recognize from organic chemistry as well. Since you (should) know what formyl- means and structure of formaldehyde, it should be easy to infer that the "-aldehyde" being replaced with "-ate" just means one of the aldehyde groups is now a deprotonated carboxylic acid since that's what "-ate" stands for (hence glutamic acid vs glutamate, aspartic acid vs aspartate, acetic acid vs acetate, etc.).
Hope this was helpful!