All pictures on this page were borrowed from the internet.
Wikipedia:
A velouté sauce (French pronunciation: [volute]) is a savory sauce, made from a roux and a light stock i.e. one in which the bones used have not been previously roasted. The term velouté is the French word for velvety.
In preparing a velouté sauce, a light stock, such as chicken or fish stock, is thickened with a blond roux. Thus the ingredients of a velouté are equal parts (by mass) of butter and flour to form the roux and a light chicken or fish stock, with some salt and pepper to season as needed. The sauce produced is commonly referred to by the type of stock used e.g. chicken velouté.
MY COMMENTS:
Do not use milk and the roux may be allowed to become blond. Those are the two things that distinguish velouté from béchamel. Use meat, seafood, and/or vegetable stock in any combination that you like.
Sauce velouté = chicken velouté is one of five 'mother' sauces and is used as the base for many other sauces. Velouté comes in different colors, depending on the broth used and other added ingredients.
Pic1-3: three different colored velouté sauces
Wikipedia: A few of the sauces derived from a velouté sauce:
Pic4: there's a few more here.