Type size determines how large the type appears in the image.
Points is the default unit of measurement for type. One PostScript point is equal to 1/72 of an inch in a 72‑ppi image. However, you can switch between using the PostScript and traditional definitions of point size.
Change the default unit of measurement for type in the Units & Rulers section of the Preferences dialog box.
The type you enter is rendered in the current foreground color, which can be changed before or after entering type.
When editing existing type layers, you can change the color of individual, selected characters, or of all type in a layer.