Using underlying shape to cut text

i'm not of terminology task, means i'm having trouble finding it.  i'm new tasks this, i'd grateful pointers.

 

in ps cs6, have solid-colour shape in background layer, text overlying in foreground.  want use edges of shape cut (mask?) text, text inside shape 1 colour, text spills outside shape different colour.  don't know how do:  outline of shape cuts through text, , want colour change in letters follow shape's edges.  hope that's clear.

 

i assume need rasterize text, what?

 

thanks help.

there's more 1 way this. (actually, there multiple ways in photoshop.) screen capture below 1 way.

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