that is correct - they are 18"x22" pieces of fabric. If you buy a quarter of a yard from the bolt, it would be 9" x 44" (the width of the fabric). But a fat quarter is made by cutting a half yard and then cutting that in half (along the fold) so you have more than 9" to work with. Fat quarters don't usually save you much money unless they're on sale and I find that the quality of the fabric is usually inferior to what's on the bolt. But they can be handy!