Depending on which version of Excel are you're using, this might help. https://support.office.com/en-US/art...4-42bd2afef904
Text is the default colour of the font that appears when you type in a cell and Background is the default cell's shading. The various Accents are when you get when applying varied colours by point or gradation shading to elements in charts etc. The two Hyperlink colours are what appears when you add a hyperlink and after one has been clicked.