In Standard games the formula is applied on a winner-take-all basis. Whoever wins the game gets all the points.
In Terminator games the formula is applied at each elimination. So you only get points for making kills. You could win the game and only get points for one kill, if that's all you got; and you could make all the kills but the last one and lose the game, but still earn the points from the people you took out.
Does that make sense?