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That 'magnet' in the power wire, is a circular inductor / filter.
What wire is that? the tear in the insulation might be significant, since the motor and the incline (motor-powered) not working, means either a power supply problem (or perhaps, a motor controller board defect, and/or wiring not being quite connected, or being - as is the power wire - damaged.)
Re-seat all connections... with power Off, and unplugged, of course.
A multimeter would be necessary for judging whether the power supply is providing power to motor(s).
Power lines don't go to the console, only control lines. That's a great generalization, but I think it is by and large true enough.
That would do. Just return to the case any time at