When you choose Colour Management in the Print Preview window, you will see three panes under it: the Print pane, the Options pane and the Description pane. Whenever you move your mouse over one of the options in the Print preview window, the Description pane will have an explanation of that option.
In the Print pane you can choose either Document or Proof. When Document is selected, Photoshop will print your graphic using the current colour settings--either the printer settings or Photoshop's settings. Whether that be the first or the latter, it is determined by what choice you make in the "Colour Handling" drop down menu, where you can choose "Let Printer Determine Colours," "Let Photoshop Determine Colours" or "No Colour Management" (There is another option, but we will leave that one alone for the purpose of this article).
If Proof is selected, Photoshop will emulate the type of colour environment you chose from the proof pull down menu. Professional print firms will use their own custom colour profiles to print out proofs.
You can then choose the Printer Profile (what type of printer you will be outputting your files from) and a couple of other things, but you most likely won't need to know what those options are, unless you are working in a printer's service bureau.
