Questions of Fact
Questions of fact are those which ask you to answer whether or not something is. These questions are always answered either "Yes" or "No" and then you must construct body paragraphs to support the facts as you see them.
Did O.J. do it? (Yes or No, and then your evidence)
Is the wall blue? (Yes or No, and then your evidence)
Questions of Value
Questions of Value address the relative merit (goodness or badness) of a thing. Here you are usually asked to choose between things, ideas, beliefs, or actions and explain why you choose in the manner you did.
Which is more valuable, Love or Money? (Which and then why)
If you could retrieve one thing from your childhood, what would it be and why? (Which and why)
Is it better to work for a living or live for your work? (Which and why)