No, it is based upon the SEP LST but gives the FIC instructor the opportunity to determine what you can do well and what you might not do so well. The FIC Instructor has 30 hours to get you to be able to demonstrate something and provide patter at the same time so it is a measure of how much work he has to do and in some cases to say to the candidate go and get some more practice before you return. Whilst it is referred to as a test it is more an evaluation.
There is no point flying it from the right hand seat as you probably have not flown from there before and will not be at your best.