A variable resistor. It usually has three terminals: the two end terminals, across which the entire resistance appears, and a third terminal, the "wiper", which moves to a different spot on the resistor as the shaft is turned. In this manner, the resistance between the wiper and one end terminal gets smaller while, at the same time, the resistance between the wiper and the other end gets larger. This allows the potentiometer to be used as a variable voltage divider, for use in attenuators, such as volume controls or tone controls.