1.The callout is intended to tease browsers to want to read the article. It’s usually a sentence or two pulled from the article and upsized.
The magazine’s graphic designer will place it, pleasingly, somewhere on the page to break up copy but mostly, to serve as a tease into the article.
2.Text that identifies separate elements of an illustration. It is usually a few words next to the illustration with a line or an arrow connecting the text to the element being described. It can also be any material such as a “pull quote”, that is called out of the text block