What is the difference between using open authentication and pre-shared keys?

What is the difference between using open authentication and pre-shared keys?

• Open authentication requires a password. Pre-shared keys do not require a password.
• Open authentication is used with wireless networks. Pre-shared keys are used with wired networks.
• Pre-shared keys require an encrypted secret word. Open authentication does not require a secret word.
• Pre-shared keys require a MAC address programmed into the access point. Open authentication does not require this programming.

Exam with this question: CCNA Discovery 1: DHomeSB Chapter 7 Exam