What does it mean that exceptions separate the "good path" (or "happy path") from the "bad path"?, C++ FAQ

C++ FAQ

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FAQ: What does it mean that exceptions separate the "good path" (or "happy path") from the "bad path"? ←(in the new Super-FAQ)

It's in Section: Exceptions and error handling:

FAQ: What are some ways try / catch / throw can improve software quality?
FAQ: Do the benefits of exceptions show up with tiny programs?
FAQ: How do exceptions simplify my function return type and parameter types?
FAQ: Do exceptions separate the "happy path" from the "bad path"? (this FAQ)
FAQ: Okay, so you're saying exception handling is easy and simple, right?
FAQ: Mindset and discipline for exception handling?
FAQ: I have too many try blocks; what can I do about it?
FAQ: How can I handle a constructor that fails?
FAQ: How can I handle a destructor that fails?
FAQ: How should I handle resources if my constructors may throw exceptions?
FAQ: How to prevent memory leaks when exceptions are thrown?
FAQ: What should I throw?
FAQ: What should I catch?
FAQ: But MFC seems to encourage the use of catch-by-pointer; should I do the same?
FAQ: Meaning and use of throw; (without an object)?
FAQ: How do I throw polymorphically?
FAQ: When I throw this object, how many times will it be copied?