Translation:My favorite means of transportation is a bus.
The answer is not very good english. English would almost have to say "mode of transport(ation)".
As far as I know, "mode of transport" means "air travel, water travel, rail" etc and not "bus, bicycle, train, airplane" etc. Or is it used to mean "means of transportation" as well?
I'd say they are interchangeable, but I associate mode with a more formal register.
From the British National Corpus: The bicycle is the ideal mode of transport in a car-free city.
At this point I decided it's really not important, the main thing is to see that the person understands what this sentence means...
So right now we accept [means/mode/form/kind/type/method] of [transport/transportation] interchangeably, as well as "transportation means" etc.
This should also be accepted "my favorite transportation is the bus". Would not "means of transportation" be "транспортні засоби". The words "means of" are implied just like IS is implied by the dash.