As someone pointed out...The New 52 Wally West should be called a mistake, that's exactly what he is.
About the question, i don't know how it is in US, but here in Brazil we have specific terms for some of the more common bi-racial types, namely: White+Black, White+Native, Black+Native. Since most of the population here is mixed, we have a term that encompasses everyone that is "Pardo", most of the population here is in this denomination. Aside from that we usually apply the Pardo specification to any bi-racial person, since it usually works.
About the question, i don't know how it is in US, but here in Brazil we have specific terms for some of the more common bi-racial types, namely: White+Black, White+Native, Black+Native. Since most of the population here is mixed, we have a term that encompasses everyone that is "Pardo", most of the population here is in this denomination. Aside from that we usually apply the Pardo specification to any bi-racial person, since it usually works.