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I think it depends on the individual, some people skim it once and jump to questions and then revisit the passage with each question while others make parallel notes while the reading the passage once thoroughly.....so i would say do what you are comfortable with.
If you have good memory and concentration power then nothing better. But the most common problem with most of us, including me, is that while we read a long passage our mind gets diverted to various things and we are unable to keep exact track of what's happening in the passage. So I read the whole passage throughly and write just a line or two per paragraph and found that I could keep most of the things in my mind. Sometimes I do have to refer back, but thats ok. I don't have the figures but my accuracy has increased.
But again, these things differ from person to person. You have to figure what suits you the best.
HBS: Reimagining Capitalism: Business and Big Problems : Growing income inequality, poor or declining educational systems, unequal access to affordable health care and the fear of continuing economic distress...