You'll find Labels listed under RESOURCES when you click on Add an activity or resource to your course page. Once you create a label, you can drag and drop it between links for resources. In my class, I use labels for "In-Class Activities," "Homework," and sometimes "Fun." I usually indent the items I post under a label to show that they are connected.
Your ability to change the color and size of your labels will depend on the text editor available to you in your site. The default editor in this site (Atto) does not offer tools for changing the color of text because that can pose accessibility challenges for some users. You can use Heading styles to make the text stand out in a label created in an Atto textbox.
Here's what the labels look like in the Week 6 section of my Project Management course site. Note that the information about "Trello" is also in a label. Labels are really versatile!
Virtual Academy of Teaching and Learning
E-mail: vatl@ysu.am
Phone: (+374 10) 57 06 77