These are the bands that the radios work in. Each band has several channels. 27MHz is a general purose band, we use one end, things like CB use the other. 40MHz is dedicated to surface model use.
27MHz channels are colour coded, 40MHz use the significant numbers from the actual broadcast frequency to identify the channel being used. The channels are selected by the use of crystals in pairs, one for the transmitter, one for the receiver. You cannot put a 40MHz crystal into a 27MHz set and expect it to work, and vice-versa.
Many of the radios in RTR sets are designed with economy in mind, resulting in compromised performance. They do not usually specify what channel in the band they use, because they use all of them at low power which usually results in them ceasing to work when a "proper" hobby quality set is switched on anywhere within range.