I'm looking for an example of a ring $R$ and an $R$-module $M$ such that the functor $\operatorname{Hom}_R(-,M)$ is exact.
I've seen that this is equivalent to saying that $M$ is an injective module, so $\mathbb{Q}$ as $\mathbb{Z}$-module should do the trick, as it's divisible. However, we were not introduced to terms like injective module, divisible module etc.
So what I'm trying to show is that, if $f: A \rightarrow B $ is an injective $\mathbb{Z}$-module homomorphism, then $\forall g \in \operatorname{Hom}_{\mathbb{Z}}(A,\mathbb{Q}), \ \exists \ h \in \operatorname{Hom}_{\mathbb{Z}}(B,\mathbb{Q})$ s.t. $ h \circ f = g $.
However, I fail trying to show that. Is there an somewhat easy way to do so, or is there maybe an easier example than $\mathbb{Q}$, which has the desired property?
Well, you could take $R = F$ to be a field.
Then for any $R$-module $M$, $\text{Hom}(\ \_ \ , M \ )$ is exact: if $V' \subset V$ is an inclusion, then $\text{Hom}(V, M) \twoheadrightarrow \text{Hom}(V', M)$: given a map from $V'$ to $M$, pick a basis for $V'$, extend it to a basis for $V$, and lift your map by defining it to be zero on the new basis elements. (Note that the axiom of choice is needed even in this simple case).
Once $R$ is not a field, there is not any easier example than $R = \mathbb{Z}$ and $M = \mathbb{Q}$. Two pieces of good news about the definitions you haven't encountered yet: the word injective in this context just means exactly that the functor $\text{Hom}(\ \_ \ , M \ )$ is exact, and the word divisible refers to an extremely concrete property of abelian groups. Probably the best next step is to learn about divisible groups and Baer's criterion.