The short answer is NO.
But you do have to know of about 6 color groupings. and also of some funny things that happen to color when it gets to play with light.
Also not everyone likes orange-yellow and some cannot even see color and can only see black and white. You need to know what are neutrals, what are advancing / cool colors and what are receding / warm colors. The six groupings are: a-chromatic or monotone or monochromatic; complementary, split-complementary, analogous, triadic, and tetradic.
One more thing you need to remember, some colors for different groups mean different things. Some use white for weddings, others use red or still green and pink. Black is not worn for funerals in India. Here it is white. So colors are associated to cultures.
One more thing: combination of colors and blends of colors, in textiles, in upholstery and used for furniture, drapes, walls, paint, wallpaper and the many patterns that one may make with colors.
It is a lot of fun, and one of the easiest elements.
You do not need to memorize, because the colors always stay the same. But people change the names of colors all the time.
Hope this helped.