The 'Text' color is the color of all text on the site, aside from any links, which is set below. The 'Active link' color refers to links that are hovered over. The menu also has different colors, as discussed in the next section.
The 'Sale label' refers to the sale badges on any product. A product will have a 'Sale badge' is the 'Compare at' price is higher than the current price of the product.
The 'Background' and 'Text' sets the background and text colors for both the header and footer.
You can set a background color for the entire site, and there is also the option to remove 'Box shadows' from the products:
If you are using a text based logo, you can change the text color, and also the color of the text once 'hovered'.
You can change the 'Background', 'Background hover' and text color of all the buttons on your site. This includes the 'Buy now' buttons, the checkout buttons, and any buttons in homepage sections.
If you are using image overlays (with 'Text over image' sections on the home page for example), you can set the text color here. You can also set the 'fade', which is the transparency of the overlay, and the color below.
If you are using a popup on your site, you can change the background, and text colors here.