Yes.
If I were to create a SecurityZone object in Home > Foyer, call it 'FrontDoor' and then give it a DisplayName of 'Our Front Door' here are what it's major properties would be:
Class: sys://Schema/Device/Security/SecurityZone
Name: FrontDoor
DisplayName: Our Front Door
Path: sys://Home/Foyer/FrontDoor
"Class" is what the object is derived from. In other words, 'class' is like a recipe for chocolate cake. It's not a real chocolate cake until you follow the recipe and bake one. After baking it, you have a chocolate cake "object".
"Name" is the object's name and has to comply with Visual Basic's naming rules (no spaces, no special characters, cannot start with a number, etc).
"DisplayName" is the object's name for display in Premise Browser and anywhere else where you want a less-stunted name. TIP: If you use this.DisplayName in a script and forget to enter something in DisplayName, don't worry because Premise will default to using this.Name (very convenient).
"Path" is where the object is located in "Premise Space". Everything in Premise Space is organized in a hierarchy where "SYS" is the first object.
Premise takes 'object oriented programming' to heart. Every object in Premise inherits from "PremiseObject". That means PremiseObject's properties and methods are available in all other objects. It's kind of like if your grand-dad had red hair, was a great skater, knew how to speak Farsi, and balance pick-axes on his head, so would you and your offspring.
The attached image is from Premise's online Help and shows the Properties and Methods of PremiseObject. You'll note it has Name, DisplayName, Path, and several other properties. The fun one is "Parent". Yes, you can navigate your way up the family tree and display the name, and other properties, of each relative.
In the previous post above, this.Parent.Name would produce "Home", this.Parent.Parent.Name produces "SYS" and that's the biblical equivalent of Adam. If you persist and ask for this.Parent.Parent.Parent.Name, the script debugger pops up and throws a lightning bolt.
Every object also inherits PremiseObject's Methods. Whereas Name is the equivalent of your grand-dad's red hair (a trait), "GetChildren" and "SetValue" are like his ability to bend spoons with his mind and juggle bowling balls (whatta guy!).