The seven principle colors of the color spectrum are red, orange, yellow, green , blue, indigo and violet. These can be remembered with the acronym Roy G Biv (first initials of the colors)

Some terms and definitions...

Achromatic - color scheme consisting of only black, white and shades of gray
Monochromatic - Color scheme consisting of a single color, black, white and mixtures of the three
Chromatic - containing color of some kind
Primary colors - red, blue, yellow
Secondary colors - color produced by a combination of two primary colors (green, orange, purple
Intermediate colors - produced by combining a primary color with a secondary color
Analogous Hues - hues containing a common color, but in different proportions
Complementary colors - complete contrasting colors that are directly across from each other on the color wheel (red/green)

Color value refers to the relative lightness or darkness of a particular color.