Right-click the drive icon in the Finder sidebar (or on the desktop) and select Get Info. So how do you know if your USB drive is in the correct format? You do not need to do anything special on the 'Disk Utility' - simply insert the USB drive and open Finder.
How to format a USB drive as exFAT on Mac You can format the drive on your Mac or Windows computer. If you plan on using an external drive with both Macs and PCs, you should format the disk with the exFAT file system instead. By default, Macs use HFS, while PCs use NTFS, which are not compatible with each other. Since the PC and Mac are two different operating systems, they use different file systems. How to Format a USB Drive as exFAT for Mac and Windows Compatibility
