hmmm, if the question ask you to explain ONE, then you can just explain one (for 1 or 2 mark question). If it's a 3+ mark question, then it won't hurt to explain both.
If you decided to do biochemistry at university, the current, most-up-to-date model is actually not any one of those, but it's a bit of both. Enzymes actually "move" and adjust their conformation (shape) to allow substrate binding.
As to your catalyst question, I'm pretty sure most catalysts don't get used up in the process.