Version 4.1 - 2.0 WEP WPA WPA2
From the layout of the blueprint, combining these on one line is an obvious hint that these will be compared. WEP and WPA should not be used. WPA2 is the security protocol/program that you should be using. But, we have to know where we've been to know where we are going.
WEP is Wired Equivalent Privacy. WEP uses RC4 - a cipher that is considered cryptographically broken. RC4 is a stream cipher - which ensures that the same plaintext does not produce the same cipher text. It uses an IV (Initialization Vector) which is concatenated with the symmetric key before generating the stream cipher. Remember that this was developed during the time of "encryption is a munition" and network admins were saying "no insecure wireless on MY secure wired network." 64-bit WEP uses a 40-bit key (10 Hex Characters) and 128-bit WEP uses a 104-bit key (26 Hex Characters). "Two methods of authentication can be used with WEP: Open System authentication and Shared Key authentication." I think the most important thing about WEP is how weak it is and how it's compromised. WEP cracking can be done in minutes. There are multiple sites showing you the step-by-step process, but Maxi-Pedia also describes how this works. Basically, you need to collect a lot of IVs to crack the password. Normally, this would take a long time, but if you inject packets, you can speed up this process (using ARP packets). Once you get a sufficient number of IVs, there is free software (widely available) that will crack the password very quickly.
Some attempts were made to salvage WEP (increased keys, avoiding weak IVs, etc) which resulted in WEP2, WEP+ and Dynamic WEP. However, most of these were proprietary and kludgy to implement and didn't really catch on. The recommended "solution" to WEP problems was to move to WPA.
WPA was invented as an interim measure while WPA2 was being developed. Carefully note any questions which use WPA (do not assume this means WPA2). WPA uses TKIP (Temporal Key Integrity Protocol). Note that WEP used the same key with all users. WPA uses "TKIP which employs a per-packet key, meaning that it dynamically generates a new 128-bit key for each packet and thus prevents the types of attacks that compromised WEP." Additionally, TKIP also includes a better integrity check than WEP used (CRC). WPA was normally used with LEAP, EAP or PEAP.
Before moving onto WPA2, note: "A flaw in a feature added to Wi-Fi, called Wi-Fi Protected Setup, allows WPA and WPA2 security to be bypassed and effectively broken in many situations. The WPA and WPA2 security protocols implemented without using the Wi-Fi Protected Setup feature are unaffected by the security vulnerability." So if you see WPS (Wi-Fi Protected Setup), think of this issue.
Finally we get to WPA2. "WPA 2 offers a higher level of security than WPA because AES offers stronger encryption than Temporal Key Integrity Protocol (TKIP)." WPA2 uses AES-CCMP (also known as CBC-MAC). Each client has their own key and each packet is encrypted with a unique key. "WPA 2 offers a higher level of security than WPA because AES offers stronger encryption than Temporal Key Integrity Protocol (TKIP)."
So if we're looking at differences, WEP has weak IVs and does not provide per-packet keying. WPA/WPA2 adds the ability to use EAP. WPA vs WPA2 adds AES-CCMP. You could probably see something on the test regarding the difference between these, but I think there are more juicy targets for questions in many of the other topics of Section 2.
Cisco's page on Cipher Suites and WEP
Cisco's WPA Configuration Overview
Cisco's Wi-Fi Protected Access 2 (WPA2) Configuration Example