Which term refers to a color's level of intensity, or the amount of gray (black and white) in it?

The term that refers to a color's level of intensity and the amount of gray in it is chroma. Chroma describes the purity or strength of a color, indicating how vibrant it is. A color with high chroma is vivid and intense, while a color with low chroma appears more muted or closer to gray. This distinction is crucial for understanding color theory, as it impacts how colors are perceived and utilized in various applications, such as painting, design, and photography.

In contrast, hue relates to the actual color itself, such as red, blue, or green, without reference to its brightness or purity. Value indicates the lightness or darkness of a color, while saturation describes the intensity or purity of the color without directly reflecting the presence of gray. Thus, the correct term for describing the intensity and presence of gray in a color is indeed chroma, which is central to mastering color usage in artistic and practical contexts.