Let's take an example. Let's say you're reading "The History of Cheese." We'll use this book (which may or may not exist) because it gives is something to demonstrate the process with while avoiding putting too much importance on content.
To answer "What is the ultimate application of this material," be aware that "ultimate" simply means "final." It's not like Pokemon where you're trying to reach the "Ultimate Cheese Knowledge." Rather, it is asking "What, ultimately, does James want?"
Next, for how important it is, the answer is qualitative, not quantitative. You don't have to rate it on a scale. The answer such as "very" or "not very" or even "not at all" could suffice.
For level of detail, the answer I use is always the same: enough. Why would you want less than enough? I clarify this by saying "enough for..." If you need to read "The History of Cheese" to pass a test or write a paper, the answer "enough to get an A" should suffice. If you're reading it as background information to enhance your understanding of "Who Moved My Cheese?" then you hardly need any level of detail at all, as cheese is a metaphor in the book "Who Moved My Cheese," and has little if anything to do with real cheese.
For how much time, the question is really how much time you have. For classes, you have until the quiz, the lecture, the test, etc. For books from the library, you have somewhere around three weeks. Sometimes, you might have very short deadlines. For example, if you're reading a book at the coin laundry, "until my clothes are dry."
I hope this helps.
