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Visual novels are interactive stories. They focus mainly on character development and plot rather than action and gameplay mechanics.

Typically a graphical style where there are one two colors. (A bit can be either on or off, so two options) Commonly black and white, but can be any combination depending on the style the creator is trying to accomplish. 

A collection or bundle of assets together as a single download or purchase

Pixel Art refers to the charming, simplistic, retro/renaissance style of very-low-resolution graphics, such as from the 1977-1995 Atari, GameBoy, & Super Nintendo (SNES) eras.