Screen sizes start as small as 40" diagonal (corner to corner) and go up to 15' giants for fabric screens and painted screens could go even larger.
The usual idea is bigger is better, but you need to take into account the output and throw distance (the distance the projector must be from the screen to fill it with your image) of your projector.
If you have ever had to sit too close in a movie theater you know that gigantic images can be difficult to view at close distances.
Try to find the happy medium of a respectable size but one that does not overwork the projector or make your installation a nightmare.
Formats and aspect ratios are terms that are similar if not completely interchangeable. Due to the advent of HDTV
the 16:9 aspect ratio has become more popular, while the standard 4:3 TV or video aspect ratio is still prevalent as
most computers output in this mode. Square format screens are almost exclusively used in school applications where
overhead projectors continue to be used. Here is a simple diagram illustrating the size difference between HDTV and standard video formats.