In the timeline, each video clip has a filename shown for both the video and audio track. Immediately to the right of the audio filename is a drop down menu that says "Volume Clip Volume" by default. If I look at the entries in the drop down menu, Volume and Balance, I get it that the audio track has those 2 audio effects assigned. By default, Clip Volume is checked.
What I don't understand is why the check marks are mutually exclusive. If I check Balance -> Balance, it unchecks Volume -> Clip Volume, implying I can't have both at the same time.
That's a roundabout way of asking what does the check mark in that drop down do?
-I don't know what checkmark you're talking about, Bruce, but the Volume and Balance refer to settings represented by the yellow line that runs through the audio clips. (Switch from sceneline to timeline mode to see them better.)
Ah, I think that led me to the answer. The check mark changes the meaning of the yellow line, since it can only show one thing. If Balance is checked, the yellow line reflects the right/left balance. If Volume Clip is checked, then the yellow line reflects the clip setting. Cool.