And that's the point - you need to study because the interviewers won't be asking multi-choice questions, but you need to use the banks to get the licence. Given the way it has been implemented, I see no problem with that. After all, every school has their own progress tests and you need to think round the material in many ways. If the job had been done properly in the first place, we wouldn't be having this discussion, but you still owe it to your future passengers to study the material and know what you are doing.
It comes to something when a CFII who is also a heart surgeon and a Merlin pilot with a degree in aeronautics cannot pass them without using the banks, both of whom have been through here.