The end point is observed at pH of ~6 - 11
Go to the data booklet and you'll be able to say methyl red can't be used (pH range is 4.2 - 6.3)
That leaves phenolphthalein which is
colourless when acidic,
red when basic.
You are adding weak acid acetic acid

to NaOH a strong base.
so it starts off as basic and changes to acidic.
therefore red to colourless.
In regards to your question, it's the colour at what the solution is (acidic or basic)
Er, like if you were using phenol red in an acid it would be yellow at first. Adding a base to the solution with the phenol red+acid and reaching the end point would give red, as it has now turned slightly basic.
For Unit 3 I remember using these:
Periodic table
Physical constants
NMR data (H and C)
Infared
Amino acids
Fatty acids
Structural formulas of some important biomolecules
Acid-base indicators
It's not necessary to memorise anything, but you'll find you'll start doing it anyway
Periodic table: lol, self explanatory.
Physical constants: most of these are memorable and you probably know them off by heart. It's just there in case you get brain freeze. Stuff like Faraday's constant and spec. heat of water are in unit 4.
NMR, Infared: These you'll have to know what they're for and how to match graphs in the exams to them. For optimum pwn, do heaps of questions that require use of the tables so that you know where to look for specific structures.
Amino acids: for drawing, identifying R groups, etc. (I think I ended up remembering the structure and corresponding names for ~9 of them ... it was an accident haha.)
Fatty acids: all I remember using this for was in one of the MC questions in the exam. It was at the end somewhere.
Structural formulas of some important biomolecules: for when you finish the exam 30 minutes early due to major awesomeness - stare at sucrose and think: hey I'm gonna go buy some skittles afterwards. (HOW CUTE IS SUCROSE!!!!)
Nah I kid you. Notice how they don't give you both deoxyribose and ribose, this means you have to know the difference (one's missing the OH). Know how to draw glucose. Sucrose is the disaccharide of glucose + fructose and it's given. Try separating the glycosidic bonds and reforming the monosaccarides in your brain.
There's not a lot they can ask about these to be honest :\
Indicators: ;p not much to learn here. Your question is an example of where it can be used.