-wflag is used to specify the file location of the new wallet you want to create. In this instance it's going to be created in the local directory you are running the command from - but you can specify any location to generate it into to.
--testnetflag is used to indicate that we want to create this wallet for use on the testnet. If we left this off - our wallet would be created using the default which is for mainnet.
-eflag when creating the wallet.
--password=flag or set the environment variable:
encryptedalong side the original
unencryptedalong side the original