Do the preparation task first. Then listen to the song and do the activities.
Have you got a favourite teddy bear? What's their name? What do they look like?
If you want to practise speaking, just keep talking in English all the time. It doesn't matter who you speak to - it could be to yourself, to a friend or someone in your family, or even to a teddy bear like the one in this song ;-)
Also, keep listening to English as much as possible (for example the stories and videos on our website). Listening helps you learn vocabulary and improve your pronunciation.
On our LearnEnglish Teens site, there are some videos which are specially to practise speaking skills.
I hope that helps, and good luck with your exam!
LearnEnglish Kids team