One physics exam question I remember was derive Maxwell's Equations from the starting point of presuming the existence of magnetic monopoles. This sounds like an intractable problem, but it turned out that if you really understood how they were derived, all you had to do was switch out the charge monopoles with the magnetic monopoles, and it was a piece of cake.
A similar exam problem in AMA95 was to derive the hyperbolic transforms. The trick there was to know how the Fourier transforms (based on sine/cosine) were derived, and just substitute in sinh/cosh.
If you were a formula plugger or just memorized facts, you'd be dead in the water.