Whether you're presenting in a classroom or a business competition, the question-answer session that follows the presentation is perhaps the most daunting bit. You never know which of your points the judges or the teachers will nitpick, and which answer they are looking for. It's best to prepare yourselves for this beforehand - you don't want to be humiliated in front of your peers.
1. Be aware of your shortcomings
If you're still an undergraduate student, it's highly unlikely that your presentation will be completely free of errors. You're still learning, and it's perfectly normal for you to not get every little thing right. Suppose you are presenting a business plan, and your financial analysis isn't as strong as your marketing strategy. So be prepared to answer questions regarding that analysis. Try to back everything up with facts and theories.
2. Divide answers between teammates
A good team usually has a few members who are experts in different things. Discuss among yourselves and figure out which member will answer what type of question, in order to avoid confusion during the Q&A session.
3. Be polite
No matter how dumb you think the questions are, you must remain humble and well-spoken while answering them. You can't be sarcastic or disrespectful, as that might actually cost you marks.
Many times, I have seen teams mess up their chances of winning a competition, or getting the highest marks in a presentation solely because of how they handled questions. So it's important that you don't let your nerves get the better of you, and confidently answer everything.