True, in order for the text color to be changed you have to select the entire text. If no text is selected one of two things will happen; either nothing will happen at all, or the next wors you type will be a different color.
A shortcut is a pointer to the file or folder located somewhere else. It is a small file that consumes a small size because it only gets the information to where the file is located. With shortcut, you can access the file at your convenience or to the new location.