I only took the "Millionaire" test in August 2002, which isn't the same, obviously, but it's more similar than you think. At the point of this test, all you want to worry about doing is scoring more than about 90% of the rest of the room. I don't think the 'passing score' is a static number, but depends on the room.
From what I've read, (and I suggest you look up the Jeopardy! website, or one of several books about the show,) that you listen to Alex read the clue, then get roughly 10 seconds to write down your answer in the blank. Don't worry about proper phrasing, just write down your answer. Repeat 49 times.
The test is made up of the $1,600 and $2,000 level clues from mostly Literature, History, and a few Science clues. There won't be many from Pop Culture or the Word Play topics.
-Travis