kculm:
Wow, I am really impressed on all the input I got. This goes a long way to helping me learn.Thanks everyone.
The problem with that is you seem to be (or wanting to) learning basic electronics by memorizing a series of 'rules', rather then studying basic electronics DC theory which covers ohm's law and once completely understood would allow you to answer all those questions yourself once you are then ready to be introduced to semiconductors. Trying to learn by dealing with semiconductors (leds for example) and basic voltage/current/resistance at the same time is not a good way to start one's education into electronics, at least that is my opinion. There is a reason for the basic order of the subjects presented in learning electronics fundamentals and deviation from that is certainly an invitation for having gaps of understanding and substituting 'rules' for proper understanding of the principles and theory.
Lefty