The LPI 050-100 certification exam focuses on open-source essentials and includes 40 questions to be completed in 60 minutes, with a passing score of 500 out of 800. The exam covers various topics such as software fundamentals, software architecture, open source licenses, compliance, project management, and development tools, and provides recommended study materials and practice resources. Detailed knowledge areas and key concepts for preparation are outlined in the study guide to aid candidates in successfully passing the exam.