Hey Josh,
I think you pretty much figured it out. The terminal voltage is the net voltage that the battery provides. The electromotive force is the "pure" voltage. This question has to do with Kirchoff's second rule. Batteries usually have some internal resistance, so the actual voltage they provide is a bit less than the electromotive force. I think for most mcat questions you ignore this fact, unless, like in this question, they specificly ask for the terminal voltage or tell you to use the terminal voltage in the question.
They give you current because V=IR, and you need to mutiply the voltage by the internal resistance to get V, and subtract V from e to get your terminal voltage.
I hope that wasn't too confusing. Look in your Physics CC on page 103, it explains electomotive force, and Kirchoff's rules.