[Buszer]

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

[donf]

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.