On Apr 3, 1:35*pm, "Karl Townsend"
wrote:
...

You've ALMOST got it right. Google R/2R or "Resistor Ladder" to get
what you're looking for.

BINGO!

Errr.... maybe not. If the wiper of the pot is a variable voltage,
and feeds a high impedance circuit, then fine.
But, the wiper might be +24V and it proportions current in two legs,
or the wiper might be a current source into a low-Z input, or
the pot might be a nonlinear taper type... there's LOTS of
potentiometer circuits, besides the one that has +V on
one leg and GND on the other. DAC and amplifier is
the same as R/2R ladder in most cases (and it's easier
to wire up, with less parts).