You will only be tested in contents that are covered in the course. But it doesn't hurt to know that besides the ability to increment urgency at SLA milestones, you can also execute escalation actions, like notifying assignee and notifying manager.
Escalation actions are covered in the course. They're covered at the end of the video embedded in the Service Level Agreements lesson. They're covered briefly because there isn't much to an escalation action.
Basically, an escalation action is an action that occurs when an interval ends, to escalate the task to improve the chance that the task is completed. An example of an escalation action is sending a reminder email to the assigned user. It's an additional capability, beyond just increasing the urgency, to encourage a user to complete an assigned task.
I can't speak to exactly what's on the exam, but the important point is understanding the role of an escalation action in service level processing. Basically, if you can read a requirement that says:
The assignment should be completed in four hours. If the assignment is not completed in four hours, transfer the assignment to the team lead.
and identify the part that would be implemented with an escalation action (the transfer to the team lead), you should be fine.