Hello! Yes, that's exactly what it means. In general, the words are a set: verb, noun, adjective. Pick the one that makes the most sense for your situation or sparks the most interesting outcome for you.
If you would like to see an example of how to use the oracle, you can check out an actual play report I posted a little while ago on my Substack. Admittedly, that was a different kind of game with a different oracle table, but I tried to make it clear in the write up what words the oracle was giving me and what I did with those sparks.