you may also be talking about pre or post fader maybe? Some mixers have a button that lets you choose whether or not signal is sent off that channel pre or post fader...which means before or after any volume changes you make with that channels fader. If it's set to pre, then any fader moves you do on that channel will not effect the level being sent off the mixer...if it's set to post, then it WILL effect the volume.
When sending a signal via an aux send, it's nice to be able to take the pre fader level so that you can set up headphone cues or send it to a reverb and get the signal to the level it was originally recorded at. It's good to know what your mixer or DAW uses for each effect and aux send for each track (master stereo bus, audio tracks, Aux track, etc.)...because programs and mixers can differ. For example, Pro Tools' inserts are pre fader on the audio tracks but post fader on the master fader track.