Basically, yes. Permissions are usually noted as three octal digits, the first is user permissions:
0 – nothing
1 – execute
2 – write
3 (1+2) – execute and write
4 – read
5 – read and execute
6 (2+4) – write and read
7 (1+2+4) – read, write and execute
The second is file group and the third is world.