Military aircaft display national markings in order to be identified by other aircraft as enemy or friendly. Modern US Air Force jets use markings that lack color and are shades of the camoflage. Civilian aircraft are only required to carry a Registration identification number. This registration ID includes Letters and Numbers and each country has a unique prefix Letter(s). For example, all aircraft registered within USA begin with "N" and this registration is commonly referred to as the "N-number". However, I do not think a civilian aircraft is required to display the national flag.
262k colors means that up to 262,000 colors can be displayed. 16M colors means that up to 16 million colors can be displayed. 16M display will give a better depth effect but shouldn't be much of a difference otherwise.
A screen that supports 16.7 million colors can display 16.7 million different colors.
Color Depth
IBMs EGA Standard supported a choice of 16 simultanous colors out of 64 possible colors.
The three colors of the Thai flag are red white and blue, displayed in horizontal bands.
Many countries have formally adopted a set of colors as their national colors and part of their national symbols. Officially, Kenya has no national color.
The rainbow displayed a beautiful spectrum of colors.
Senior (colors) Sergeant
who carries the national colors and commands the color guard
3 colors
The three national colors of the Basque Country are green, red, and white.
The offical FFA colors are national blue and corn gold