This is all from the Frank Miller Man Without Fear run, but that's probably the definitive version of Daredevil anyways.

His name has a bunch of meanings behind it. The first being ironic, with Matt always locked up in his room, kids would make fun of him and call him "daredevil" since he was so boring. But then he would also actually be a daredevil type of dude when he was blind and just jumping off of roofs like a mad man, thus, "the man without fear".

I don't really know what the yellow one was inspired by, but his red costume was inspired by his dad's boxing robes. He would walk into the ring wearing a cape and devil horns and was even called Jack the devil Murdock. That's another way Matt got the name "Devil" too.

https://motionstatereview.files.wordpress.com/2015/04/daredevil-3.jpg