Write and interpret the standard-form equation of an ellipse or hyperbola, finding its center, vertices, foci, and (for a hyperbola) its asymptotes.
An ellipse is the set of points whose distances to two fixed points (the foci) always add up to the same total. Its standard form is x^2/a^2 + y^2/b^2 = 1, centered at the origin, where a^2 is always paired with the LARGER denominator -- that tells you whether the major axis is horizontal or vertical. The relationship c^2=a^2-b^2 locates the foci a distance c from center along the major axis, and eccentricity e=c/a (always between 0 and 1) measures how stretched the ellipse is: closer to 0 is nearly circular, closer to 1 is very elongated.
A hyperbola is the set of points whose distances to two foci always have the same DIFFERENCE (instead of sum). Its standard form is x^2/a^2 - y^2/b^2 = 1 (opening left-right) or y^2/a^2 - x^2/b^2 = 1 (opening up-down), with c^2=a^2+b^2 this time (addition, not subtraction) and eccentricity e=c/a always greater than 1. A hyperbola also has two asymptote lines that the curve approaches but never touches, with slopes +-(b/a) for a horizontal transverse axis or +-(a/b) for a vertical one.
Mastery looks like: They correctly identify a, b, c, the foci, and (for a hyperbola) the asymptotes from a standard-form ellipse or hyperbola equation, on either a horizontal or vertical axis.
Common stumbles: Assuming a^2 always goes with x^2; confusing the ellipse's subtraction relationship (c^2=a^2-b^2) with the hyperbola's addition relationship (c^2=a^2+b^2).