What is the black and white wire called and what does it do? i.e. hot, ground, etc.

Buszer,

Most conductors that are colored other than White, Gray or green are named "Un-grounded (Hot) conductors." White or Gray conductors are usually named "Grounded conductors" (Neutral).

I say usually because under certain situations, the white and gray conductors can be re-tasked to become an un-grounded conductor. When that happens, the conductor must be marked to show it is being used for a different purpose.

Green or green with yellow are Equipment grounding conductors as is a bare wire. They can never be re-tasked, Nor can they be used as a Neutral conductor.