I'd rather say that the equivalent of what the industry calls "consulting with your colleagues" is more a "study session" than an exam (be it take-home). This

I'd rather say that the equivalent of what the industry calls "consulting with your colleagues" is more a "study session" than an exam (be it take-home). This is when you learn things, and everyone brings something to the table. I'd say the equivalent of an exam is a job interview. When the other party wants to see what the individual knows.