For whatever reason, Salesforce did indeed default all orgs to have the Show Closed Statuses in Case Status Field checkbox unchecked. This caused the Closed option to disappear from the Status field of Cases across the globe. Hilarity ensued.

I am uncertain as to who asked for this feature, or why Salesforce thought this was a great idea, but here's the release note positioning this as a good thing.

https://releasenotes.docs.salesforce.com/en-us/spring20/release-notes/rn_cases_closed_status.htm

Here's a video I did on this, called 'Where Did My Case Closed Status Go ?? Salesforce Spring '20 Release Update' - where I demonstrate what happened, how to fix it, and other ways to enable users to Close a Case, such as via a path, complete with a Confetti celebration at the end!

Go to the Chatter tab and look at what is available on the left side of the screen. You should see things such as Feed, What I Follow, Bookmarked, People, Groups, Files and Topics, to name a few. If you encounter a question like this on the exam and it is mentioning what are components of Chatter, they are asking about these types of things. Do your best to get familiar with what is available to click on the left side when accessing the Chatter tab and you will be fine.

The purpose of being able to assign different page layouts to users with different profiles is so that you can show or hide fields and sections, based on how different people are using Salesforce. You will often want to have admin only type fields at your disposal when viewing records, but you won't want these records to display for end users. The best approach is to create an Admin page layout and assign that layout to yourself, while keeping other users assigned to more generalized page layouts geared towards their specific job functions.

When you edit a Record Type on an Object, the list of Picklist fields displays, allowing you to go in and select which values will be visible to users. If users complain of values missing from a picklist field, check the settings for the field under the Record Type.

There are three underlying processes for Salesforce, but they are for Standard Objects:

Lead Process - for Leads - Controls the Lead Status field

Sales Process - for Opportunities - Controls the Opportunity Stage field

Support Process - for Cases - Controls the Case Status field

Field Level Security (FLS) controls whether a user can see (and edit) a field, but doesn't go as deep as to control the values contained in a picklist.

There is a lot of confusion surrounding Record Type assignments, and what that actually controls or grants access to. The main points to understand, as detailed in https://help.salesforce.com/articleView?id=permissions_record_type_access.htm&type=0 is this particular section - Users can view records assigned to any record type. As a result, a page layout is assigned to every record type on a user's profile. A record type assignment on a user’s profile or permission set doesn’t determine whether a user can view a record with that record type. The record type assignment simply specifies that the user can use that record type when creating or editing a record.

When customizing a report, you are able to add a grouping, add a filter and also summarize fields. Scheduling a refresh and adding a gauge component are customization options available to you when you are working with a dashboard, not a report.

You can enable Quantity and/or Revenue Schedules in Salesforce for Products. Refer to https://help.salesforce.com/articleView?id=products_establish.htm&type=0 for more details.

A rollup summary field can sum up the value of all open opportunities on an account, because there is a master-detail relationship established between account and opportunity.

Login IP Ranges dictate which IP addresses users can log in from, and if an attempt is made outside of that range, the request is denied. This is not to be confused with Trusted IP Ranges, which define a list of IP addresses from which users can log in without receiving a login challenge for verification of their Identity. Refer to https://help.salesforce.com/articleView?id=users_profiles_epui_login_ip_ranges.htm&type=0&language=en_US&release=206.13 for more details

You need to hide Stage 4 and 5 from the Junior Sales Reps, so a validation rule would not accomplish this. The Junior Sales reps couldn't save to stage 4 or 5, but they could still see them. Field Level Security only determines if a Profile can see a field and if that field can be edited, but doesn't go down to the level of individual picklist values, or in this instance, Stage values, specifically. Creating two different page layouts would not be enough, because the Stage field would have to be on both page layouts and the Junior Sales Reps would still have access to all Stages. So, by creating two different Sales Processes, you can dictate which Stages appear in an Opportunity.