How can I more efficiently find variables in a Statistics problem?

I am in a Decision Sciences (or Business Statistics) cl and one of the main issues I have on the tests is reading the problems. I understand each formula we use and the components incorporated into each one. But when it comes down to reading a statistical problem on a test, I can't figure out which equation to use, let alone finding the variables (may i also mention the formulas are given on the test!). So my only question is, how can I improve on reading statistics and be able to easily pick out the variables I need for each equation?