"Exact" in this case means that the integration rule correctly calculates the value of the integral. Put another way, if $I$ is the exact value of the integral and $T$ is the approximation by the Trapezoid rule then $I-T = 0$.
To find $c$:
$$\int_{0}^{1} (x^3-cx^2) dx= \frac{1}{4}-\frac{c}{3}$$
Now using the trapezoid rule for a single interval gives the approximation:
$$I \approx\frac{1}{2}(1-c)$$
But we know that the answer obtained from the trapezoid rule and the exact value of the integral should be the same. And so to find $c$ you need to solve
$$\frac{1}{4}-\frac{c}{3}=\frac{1}{2}(1-c)$$