Bands: You will often hear a unit or plug-in described in terms of a number of bands, such as a '3 band' or '5 band' EQ. This simply indicates how many individual EQ controls a particular unit has. So going back to the hi-fi example with a treble and bass control, this would be a 2 Band EQ.
Peaking, Shelving and Pass Filters: These are the three main EQ types and their names give a good indication as to how they work. A Peaking equalizer will create a bell-like boost or cut around a particular frequency, whereas a Shelving equalizer shelves up or down to a particular point and then remains constant its level of boost or cut. A Pass filter is similar to the latter except that it never flattens out and carries on cutting (note, cut only).
Frequency: Expressed in Hz (hertz) this control allows us to adjust the frequency around which our EQ cut or boost is centred. So for a Peaking EQ this would be the tip of the bell shape. When entering higher frequency values it is also common to describe figures in terms of kHz (kilohertz) for brevity, so 3500Hz becomes 3.5kHz.
Fixed or Swept: On the basic EQs that ship with most small format mixers and mic pre-amps you might find that some of the bands are what is called 'fixed' and others 'swept'. Fixed simply means that the frequency is set and not changeable, whereas a swept band allows you to select any frequency within a range of values. So a typical basic mixer EQ might include high and low fixed shelving EQs and one swept mid-range band.
Q: Q, which stands for quality factor, refers to the width of the bell shape for a Peaking EQ. A high Q figure indicates a narrow bell, whereas a low Q figure indicates a wider bell. The practical upshot is that adjusting the Q allows you to determine how wide the range of frequencies affected is.
Gain: Usually expressed as a value in dB, this is the amount of cut (negative figure) or boost (positive figure) to be applied A High/Low Pass Filter won't feature a gain control, but may have an option for specifying how many decibels per octave (dB/Oct) the filter attenuates by, 6dB/Oct being a gentle slope and 24dB/Oct steep.