Almost. Percent means "of 100." In other words, 70 percent is 70 parts out of 100.
Or 1%(of anything)means one hundredth of that thing, etc.
Yes, that's correct! The term "percent" originated from the Latin term "per centum," which means "per hundred." Therefore, "percent" is indeed an abbreviation of "per hundred" or "hundredth." When we use percentages, we express a portion or a fraction of something in terms of one hundred. For example, if we say "50 percent," it means 50 out of 100 or 50 hundredths.
