For example Microsoft Outlook web based email service can be configured to require both a username/password combination and a time-based one-time password (TOTP) generated by the algorithm described in RFC 6238. This will frequently be implemented in software applications, TOTP's from something like google authenticator or oathtool and the username/password in a password management tool such as KeePass. These tools could either be on the same device or on different devices.
From a users point of view these seem really similar, as in you have a bit of software protected by a device password (and perhaps another different one depending on the setup) that gives a secret that is entered into a text field on a web site. It would seem that the threat profile of both are similar, both being susceptible to either physical or remote compromise.
Does this meet the definition of multi-factor authentication? Does the answer depend on if the tools are on one device or 2 different devices?