Words of knowledge
Words of knowledge are the part of a prophecy that are about a thing that is a fact that is presently in your life right now or has been in your past that the person prophesying in the natural sense of things would have no knowledge of. A word of knowledge is when Jesus said to the Samaritan woman that she had spoken correctly that she had lived with several husbands and that the man she was living with now wasn't her husband.(John 4-vs-16-18) That was knowledge that was divine in nature and she asked him if he was a prophet. When you deliver and accurate word of knowledge in a prophecy it really gets the persons attention and the stunning effect that they have on the recipients hasn't really changed today. But I will give you one example. Somebody had a prophecy for me, and in introducing it he said that he saw a picture of my hand holding a pen (he said it seemed strange in this era of technology that I’d be holding a pen) and he saw me writing, and he saw words flowing off my pen and going out all over the world. What this person didn’t know was that, at that point in my life, already I had a book out and a magazine network, and I wrote a lot and it did go out all over the world, and there was a reasonable audience for that network, and book. And on the network (is how we are having this school of prophets). Therefore, this person had a very specific piece of revelation that he could not possibly have known unless someone had told him. That was the spirit of knowledge. I went up to him afterwards and said, that was so much confirmation. I do not know if he knew what part of prophecy was he using, or did he understand.
Words of wisdom
A word of wisdom is a word of divine direction by the Lord in the midst of prophecy. This might be something like don't sign that business deal tomorrow, or don't do this or that, or else be direction to do something. In the midst of prophecy, it isn't the person prophesying over you giving you advice, it is the Lord giving you divine direction.
In the Old Testament kings would consult a prophet when they went to war and ask if the Lord was going to show them favor and ask advice.Sometimes the prophet would speak a word of wisdom( 1 Kings 22-vs-9-28)
A word of wisdom might just be one line in a page of prophecy but it is one line that you should take note of and see that you do it. If you want the individual to know where your word is coming from. This is how many people will not get mad at the man or woman of God, if the word do not manifest right away. Often there are conflicting principles. One of the reasons why we have pastors who we look to is because of this gift. Sometimes you come to the Bible and you find a direction in here that talks about, let’s say for example, patience and faithful waiting. Then maybe you have another verse that says that you’ve got to go; you got to do something; you’ve got to act. Don’t just sit there waiting. And you say, “Hang on! Which of these applies to me in my situation?” Perhaps you’ve got a problem at work and another option has come up, or another job. Do I stick it out where I’m at, or should I be bold and go for this other one? And we could argue both from the Scriptures. Sometimes you need that word of wisdom from someone where God just comes and directs and says, “This is what you should do.” As a result, you will then, in your heart, say, “Ah yes, I’ll go with this.” I’m not talking about pastors leading you in a very direct descriptive way, but sometimes God will give a word of wisdom that unlocks the situation, makes it suddenly very clear and very plain what the right course of action actually is. In a sense, wisdom is knowing how to act, and it cuts through a dilemma.
Go to the Libraries and Studies and read more on Word of Wisdom and Understanding. This will help you in your assignment and the Prophetic Flow...