You are correct. The rule is: when two numbers that are powers of the same base are multiplied, the product is a power of that same base, and the exponent of the product is the sum of the exponents of the two numbers that were multiplied. This rule is summed up as
(bm)(bn) = b(m + n)
We can show that this is reasonable by considering that the total number of times the base, b, is used as a factor in the product will be simply the total number of times it is used as a factor in the two numbers that were muliplied. This in the multiplication