There is a lot of different names in this game, same with colors and they all have a meaning! And the meaning of these is to define the value of an item!
Colors: (best to worst)
Purple -
Green -
Yellow -
Blue -
whiteNames: (Best to worst)
Deadalus, Famus, Mastro, Special, Gift wear
To make an example: Just because an item is green it dosn't mean that it will be the best item a
green gift wear item will be worse than a
Yellow Deadalus item! So always whatch the stats!
(difference between a green gift wear item and and a yellow item is that a green gift wear item you can upgrade (how to upgrade [link])
Info: Bosses has the same color ranking as items, so a Purple boss wil be the best and the hardest to defeet and the yellow less hard and less good. Also here you have to look at the lvl of the momb. Red bosses is bosses made for special quests and they will not give any loot so don't waist your own and others time by killing these!
See the Boss hunting list