Negative (white background)
And here is an example card made with the transparent coloured sentiment.
Cooking Dottie from the Dottie at Home collection. Imaginisce papers, chipboard corners and brads. The words on the circle have been coloured in with a Sakura Stardust pen. DCWV self-adhesive ribbon.
The paper is a double-sided one from the Imaginisce "All Kinds of Happy" birthday collection and has word circles on it! Couldn't get a more perfect paper to use with this sentiment. You can purchase the paper here. :o)