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You are correct. The power of ten for a digit in a number can always be found by moving the comma all the way to the right side of the digit in question one digit at a time, counting the number of times you have to move it. An overall rightward motion describes negative powers while leftward motion describes positive powers. You have to move it over 3 times to the right to get it to the right side of the 1, so this number can be written as .
We can rewrite your entire number as
You can now use what you know about exponents: Multiplication of two powers preserves the base and adds the exponents. similarly, division of two powers preserves the base and subtracts the power of the denominator from the power of the numerator. You could also note that division by a number is the same as multiplication by its reciprocal. Use whichever you feel most comfortable with:
Since , we have .