1. You can recall and use it under pressure, without the luxury of consulting books and friends.
2. You can use it in a creative manner, to solve new problems.
Only exams can furnish such proofs. The exam system is not perfect, but the best we have (and incomparably less corrupt than the assignment system). The proper way to see things is that assignments are rehearsals for the exam; and the student who never turns in a homework but aces the exam well deserves his/her A-.