Yeah, pretty much. Just to fill in any holes (if there are any) here are some definitions that you might find in a textbook.
Deductive Argument: an argument in which the premises purport to guarantee the truth of the conclusion.
Inductive Argument: an argument in which the premises purport to make probable the truth of the conclusion.
Some important things to note. First, notice the definitions say that the premises 'purport to guarantee' or 'purport to make probable'. This just means that they are intended to do that.
Here are 2 examples:
All men are mortal.
Socrates is a man.
Therefore Socrates is mortal.
All dogs have 4 legs.
This animal has 4 legs.
Therefore this animal is a dog.
Both of these are classified as deductive arguments because the premises are intended to guarantee the conclusion's truth. But notice the Socrates argument does this quite well while the Dog argument does not. So, the first argument is deductively valid while the second is deductively invalid. Hopefully you can see where the flaw in the Dog argument is and how we might go about fixing it.
Here's an inductive argument:
Most mammals give live birth.
This animal is a mammal.
Therefore this animal probably gives live birth.
In this case, it's possible for the premises to be true and the conclusion false, so it's not deductive. But if the premises are true then the conclusion is supposed be quite probably true. Typically this means the probability of the conclusion being true is greater than 0.5. A successful inductive argument can further be classified as moderate or strong. An unsuccessful inductive argument would be classified as weak. Here's an example:
Some football players are left-footed.
Wayne Rooney is a footballer.
Therefore Wayne Rooney is probably left-footed.
This would be a weak inductive argument even if Rooney was left-footed because the premises don't break that 0.5 threshold.
Hope this helps!