Consider the wavefunction of say two electrons in an external potential, associated with two possible states $\phi_a$ and $\phi_b$. Furthermore, each electron can have two spin states $\chi_1$ and $\chi_2$. A convenient basis for the anti-symmetric Hilbert space of the two electrons is (omitting the normalizations) \begin{equation} (\phi_a\phi_b + \phi_b\phi_a)(\chi_1\chi_2 - \chi_2\chi_1),\quad (\phi_a\phi_a)(\chi_1\chi_2 - \chi_2\chi_1),\quad (\phi_b\phi_b)(\chi_1\chi_2 - \chi_2\chi_1)\\ (\phi_a\phi_b - \phi_b\phi_a)(\chi_1\chi_2 + \chi_2\chi_1),\quad (\phi_a\phi_b - \phi_b\phi_a)(\chi_1\chi_1),\quad (\phi_a\phi_b - \phi_b\phi_a)(\chi_2\chi_2). \end{equation} This is convenient since the total wavefunction factors out in a spatial- and spin-wavefunction with even or odd exchange symmetry and, moreover, the spin part are just the different eigenstates of the total spin of the system. The fact that the above system is indeed a basis of the anti-symmetric Hilbert space is a speciality of a two particle system with two "available" quantum numbers (here the "spatial quantum number" ($a$ and $b$) and the spin).
Ever so often, however, one comes across a situation where people write down the total wavefunction of a larger system. E.g. of the wavefunction of a baryon. The document states that the total wavefunction is given as a product of properly symmetrized wavefunctions of the different quantum numbers, i.e. \begin{equation} \Psi_{total} = \psi(\text{space})\psi(\text{spin})\psi(\text{colour})\psi(\text{flavour}). \end{equation}
Why does this make sense? One would obviously miss a potentially large part of the accessible Hilbert space. Also the above wavefunction is used as evidence for the colour quantum number in the first place, as otherwise certain (observed) states would violate the exchange-symmetry condition (precisely when the other products together yield a symmetric wavefunction). This argument seems to be wrong since more states than the ones captured by the above "basis" are present.