When you select Drop-down List from the "Items" box, you will be able to change the font, size and color of the text appearing in a drop-down list.
To modify any of the font attributes, select from the drop-down menus underneath each attribute. To put in bold, italicize or underline the text, click the respective icon. To change the font color, use the same procedure as below.
To change the color of the background or font, select a color from the drop-down menu. If a color you wish does not appear, go to the bottom of the list and select "Custom...". This opens the color palette where you can create a color.