[font=trebuchet ms]Yes.

And in keeping with our discussion so far, the top would be Pin 1, the arrow would be Pin 2, and the bottom would be Pin 3.

With the wiper terminal Pin 2 connected to Pin 3, an Ohm-meter connected to Pins 1 and 3 will only 'see' the portion of the resistor bewteen Pin 1 and the wiper. The rest of the resistor is shorted out by the connection between Pin 2 and Pin 3. This makes the resistance adjustable. An adjustable resistor is sometimes called a RHEOSTAT.

The word 'pot' is short for POTENTIOMETER. Voltage is sometimes called Potential. Picture Pin 2 connected to one terminal of a Voltmeter, with the other meter terminal connected to Pin 3. If a voltage is applied between Pin 1 and Pin 3, you will be able to adjust the voltage measured by the meter by moving the wiper. This is the way a Volume pot works.[/font]