Yes, that is correct. A linear code of length n and rank k is a subspace of the vector space $\mathbb{F}_q^n$ with dimension k. This means that it is a set of vectors (codewords) that can be combined using the vector space operations of addition and scalar multiplication, and that has k linearly independent basis vectors. The size of the code, or the number of codewords it contains, is equal to $q^k$.