Yes, your understanding is correct! :) but a little change...
For resetting or setting the bit 3, you need to left shift the 1 by 3 places only.
1<<4 : 0b00010000
1<<3 : 0b00001000
Use the bitwise OR operator (|) to set xth bit.
n |= 1 << x;
That will set bit x.
Use the bitwise AND operator (&) to reset xth bit.
n &= ~(1 << x);
That will reset bit x.