Picture of what I kind of mean here : https://pbs.twimg.com/media/Diylx-0X4AIjrqO.jpg
*edit- slide #2 and #3 are backwards. The passwords are stored on the USB device, if that wasnt clear. Master password allows you to view password titles and essentially 'unlock' the usb device. However, every action needs to be confirmed one by one. So for instance, you could in theory export 'all' passwords in one shot, but it would present you with that prompt on the device itself.