That is correct.
Volume - well you know what that does hehe
P'up Select - 4-way (neck solo, both series, both parallel, bridge solo)
BEQ Switch - Simply on or off, off is zero cut, basically flat EQ, On is where the knob comes into play.
BEQ Knob - "off" position (actually all the way clockwise) is maybe a -2db or -3db cut in the upper mids, and rolls up to maybe a -10db cut or something at all the way counter clockwise.
Basically, if you leave the knob in the 'off' position and switch it on, you get an instant couple decible cut in the upper mids for a pre-set slap tone is how its described. This is about the only way I use it, I hardly ever dial out more cause it makes it sound muddy to me with much more than the initial cut.
I don't know exact numbers on frequency cut, or by how many db, but thats a general idea with made up numbers that I guessed at.