I would like to believe that if I came across a problem where knowing this material would help solve the problem, some part of my brain would activate and put me in the position of "Oh, I know I don't know this anymore" and I'd go look it up. Vs "not knowing what I don't know" and just bumbling along ignorantly.
I guess this is a long-winded way of saying I'm glad to have a CS degree and I think it puts me a leg up over software developers who haven't studied CS, but I'm still not sure how applicable these questions are to most developers.
Edit: On most exams I've taken, the fifth question would have been asked like this: A bipartite graph is a graph whose vertices can be divided into two disjoint sets U and V such that every edge connects a vertex in U to one in V; i.e. U and V are each independent sets. Equivalently, a bipartite graph is a graph that does not contain any odd-length cycles. Describe an algorithm that determines if a graph is bipartite.