These are your Attributes ...

You build Option Names:
Color
Size
Version
etc.

Then you build Option Values for these Option Names:
Red
Yellow
Green

Then add the Attributes to the Products in the Attributes Controller ...

You should take the time to setup a test site with a test database and the demo data so that you can see numerous samples of Products, Attributes, etc. and all of the features available to you to get a better idea of the types of things that you can do ...