1.

Define the meaning of CMYK and RGB

CMKY (cyan, magenta, yellow and blue) is a subtractive, reflected light color system. This CMKY color
basically is used for digital printing method.
RGB (red, green and blue) is a addictive, projected light color system. RGB is the color scheme that is
associated with electronic displays, such as CRT, LCD monitor, digital camera and scanner.
http://graphicdesign.stackexchange.com/questions/60/what-is-the-difference-between-cmyk-and-rgbare-there-other-color-spaces-i-shou

2.

Differentiate the purpose of;

o

Channel and Colour Correction

-Fixing exposure problems
-Fixing white balance problems
-Repairing excessive noise from aggressive ISO settings
-Expanding contrast from LOG- or Flat- recorded images
-Developing the image from RAW recordings
-Setting the initial black-, white- and gamma points

Saturation and Brightness

http://whatis.techtarget.com/definition/hue-saturation-and-brightness