Final answer:
The symbols indicating a sharp or flat in music are the sharp (#) and flat (b), raising or lowering the pitch of a note by a semitone, respectively.
Step-by-step explanation:
The symbols that are placed above the staff in music notation and indicate a sharp or flat are indeed called a sharp and a flat, respectively. A sharp symbol looks somewhat like a pound sign (#) and raises the pitch of a note by a semitone. In contrast, a flat symbol resembles a lowercase letter 'b' and lowers the pitch of a note by a semitone. These symbols are crucial for musicians as they dictate the exact pitch of the notes to be played.