When using Includes/ Does Not Include as a condition: 

Please Note:

There are several conditional parameters in Workflow Builder where you'll have the option to specify "Includes" or "Does not include" such as Tags and other multiple-option custom fields (checkbox fields, dropdown pickers, etc.)

Creating an And condition:

In the example below we are using the AND condition. The system is searching to make sure that the contact Tags - "Does NOT include" both the 'consultation_booked' AND 'consultation_confirmed' tags

If one of the two tags is present on the respective contact, then the condition will fail. 

In this example in order for this contact to go down the "YES" path, both tags would NOT be present on the contact profile/record.

Creating an Or Condition

If your intention is to create an "OR" scenario, you would want to break the two tags into separate conditions and choose the OR option like this:

In this case, if the contact meets ONE or both of the "Or tags" then the condition is true. The system is only looking for one or both conditions to be correct before pushing the contact down the "Yes" path.

If/ Else Branches

Please Note:

If or else branches support up to 10 different outcomes per event.

What happens when two branches are both true? Will the lead go down both paths?

No, the system will push the lead down the first correct path/branch in your setup. So it goes top down in the order you built the conditions/branches.