Competency based vs Self Paced

[rlw74]

I seem to hear schools throw around "competency-based" and "self-paced" as if they are one and the same thing. To me, there is a difference. If you can test out of a competency and move onto the next competency that sounds competency-based. But if a school expect you to compete all assignments, projects (which are built into the course and require reading all the material), but you can do that at your own pace, that sounds self-paced, not competency-based. I'm curious about WGU (or some of these other schools that are talked about on this board). Do any of them let you test out before you start the course? Do you still need to complete all projects and papers? If not, how does one get through an MBA in one term?