Yes it is. A flash point is often confused with term auto ignition temperature (the temperature at which a liquid will ignite without another source of ignition). Flashpoint is lowest temperature at which a flamable/combustible liquid gives off enough vapor to be ignited, but not necessarily maintain a flame. There is a standardized closed-cup testing methodology that is used. Flashpoint is also the determining factor as to whether a liquid is flammable (FP below 100 degrees F) or a combustible (FP greater than 100 F). Keep in mind that the lower the FP and auto-ignition temp (and the higher the vapor pressure), the more dangerous the material is as a fire/explosion hazard.