Okay, I know this is probably a dumb question but can someone explain what 'On Error Resume Next' means?

Does that just mean that the code will keep running even though there was an error or does it mean something else?

Say I have the following code:

Code:
If Err Then
   '-- Exit function
   MsgBox "There was an error!"
   Exit Funtion
End If
If I had declared "On Error Resume Next", would that mean that it would just go to the next line (End If) and stop or would it continue with the remaining code in that function?

Thanks,

Dan