Final answer:
The correct form of 'to be' to use in this context is 'will be' and 'will not be', which are forms of the future simple tense. The sentence reads: My exam will be on 15 May, so there will not be any time to be lost.
Step-by-step explanation:
The sentence fill in the blanks with the correct form of the verb 'to be' is: My exam will be on 15 May, so there will not be any time to be lost.
The verb 'to be' is used in this sentence in the future simple tense. The future simple tense is used to talk about actions that have not yet occurred. It is formed by using 'will' + the base form of the main verb. So, 'will be' is used for 'my exam' and 'will not be' (or won't be) is used for 'there' referring to the time to be lost.
Learn more about Verb Tense here: