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Read a chord chart

Yes and no. The only factor that determines the inversion is the bass note. The pitch order above that makes no difference. For example, a 1st inversion Cm7 could go Eb, C, C, Eb G, Bb, or Eb, G, Bb, G, C; or be a simple 'closed position' Eb, G, Bb, C, all within 1 octave, if that sound is appealing. The common factor is Eb in the bass.
In practice, yes, but it isn't usually stated that way in theory books. I was trying to keep it simple for the OP.
 
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