To find out how many students suggested a rainbow-themed party, we start by calculating how many students that is out of the 40 total. Given that three of every eight students suggested this theme, we can set up a fraction:
\[ \text{Number of students suggesting rainbow theme} = \frac{3}{8} \times 40 \]
Calculating that:
\[ \frac{3}{8} \times 40 = \frac{120}{8} = 15 \]
So, 15 students suggested a rainbow-themed party.
Next, to find out how many students did not suggest the rainbow-themed party, we subtract the number of students who did suggest it from the total number of students:
\[ \text{Number of students not suggesting rainbow theme} = 40 - 15 = 25 \]
Therefore, we can fill in the blanks:
15 students suggested a rainbow-themed party, while 25 students did not.