I think it would depend on the question. For something like 'How does a transformer work?' I think it would be enough to write something like this:
A transformer works on the principal of electromagnetic induction. A changing magnetic field in the primary coil induced a proportionally changing magnetic field in a soft iron core. This soft iron core is used to transfer the magnetic field between the primary and secondary coils. As such, a change in magnetic flux is created though the secondary coil.Thus, as can be seen by the formula EMF = ....... , a voltage is produced due to this change in flux.
Not sure if you need to mention step-up/step-down because a transformer can have an equal number of primary coils as it does secondary coils (even though that's kinda pointless). However, you're explaining how it works. But I'd probably mention it somewhere just to be safe anyway.