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I want to make sure that: this exam is in english and it has multiple-choice test form, and we don't know how many correct answers are possible. There is no open-ended questions. Am I right?
How many answers each question has?
Does oracle provide some discounts e.g for students? (for me as a student 300$ it's not a small amount ;/ )
Oracle is the only one that can answer those questions for you. You can review the Exam Topics section of the official Oracle site to get an idea of the topics that will be covered and the types of things you will be expected to know.
The Oracle Certification Program for Java SE 7 Certification is described on the official Oracle web page