The scenario that can be modeled by an exponential function is:
the volume of water in a puddle that decreases by 25% every six hours.
This scenario describes exponential decay because the volume is reducing by a percentage of its current volume over consistent time intervals, which is characteristic of exponential functions.
The other scenarios (the tractor losing a fixed value each year, the insects decreasing by a fixed number each week, and the glacier shrinking by a fixed area each month) involve linear decay rather than exponential decay, as they represent a constant decrease rather than a percentage decrease.