Switch Foreground and Background Colors: This tool is used when you want your current background color to be the foreground color or vice versa. Rather than re-choosing colors, simply click this icon and Adobe Photoshop Elements will switch the colors around for you. For example, if you set your background to be red, but now want to write over part of it in the same color, you simply click on this icon and Elements will change the colors around so you are now writing in that red color.
Default Foreground and Background Colors: This tool is used to set the foreground and background colors to the normal colors. The default colors are white background and black foreground.