Official name and purpose of World Editor Selection Boxes?

When a single object is selected two rectangles will appear, a yellow one and a red one.

Similarly, when two objects (or more) are selected, both objects have a red box and the group of objects have a yellow box encompassing the entire group.

The red boxes look like Object Oriented Bounding Boxes (OOBB) and the yellow one looks like an Axis Aligned Bounding Box (AABB) where the axes are the world axes. For the most part, I ignore these when working in the World Editor, but I'd like to know if these boxes are more than devices that provide user feedback while editting like the gizmo, cursor, and gizmo number boxes. I guess the real questions are:

1. Do these boxes have any correlation to game hit boxes or collision detection boxes, etc?
2. Do these boxes have 'official' names?

Here are some pictures to clarify my question: www.hallofworlds.com/pages/Torque/TorqueImages/index.html