We went over a mixing board that could serve live AND studio purposes. It was a thirty-two channel, 8 buss mixing board with a 7 or 8 band EQ, if I remember correctly. This means that there could be thirty two separate tracks, specific to drums, guitar, vocals, strings, etc, etc. These thirty-two tracks can be sent to any of eight busses to be combined (If I remember correctly, once a track is sent to a specific buss, it is sent to to an even and an odd buss, and by panning either left or right, the track can become specific to either the even or odd track).
Anyway, starting at the top of track one, their is a master volume knob that controls the incoming signal pre-fader. The fader controls the output signal and goes up and down. We came to the 7 or 8 band EQ next, which controls the amplitudes and frequencies of that specific track: so if there was a kick track, one would want to adjust the EQ to a kick as far as fundamental frequencies and amplitudes go.
There were band knobs for track B as well, which is a secondary board setup (for instances in live sound this would be used for the warm up band, and A would be the main event)
I've skipped the auxilliary knobs which do a lot: in a studio setting a raw signal is sent through AUX to plug-ins such as reverb. In a live setting the output signal can be sent through AUX to monitors onstage.