u are correct, if u require to run a device requiring say 240 volts supply and if u wire it in such a fashion that a lot of voltage was dropped across the wire and some other element/device in series with this device the device wont run atleast not as per ratings since it is not getting rated voltage.I know that voltage cannot be "used up", but it seems like it would work that way because if you have a lot of voltage drops and then something at the end of your circuit requiring a lot of voltage, there wouldn't be enough voltage left...?
edit: (ignore this part if this is not what u wanted to know)
however there will always be a voltage across anything connected in a loop with a source
ranging from 0 to the source voltage depending on the resistance of components connected in series with it.