Correct. Draw the angle in standard position: it has its initial side on the x-axis and moves counter-clockwise to the terminal side. The terminal side is in the fourth quadrant, because the angle measure is between $\displaystyle{{270}}^{\circ}\usepackage{cmbright}\Huge\$ (the negative y-axis) and $\displaystyle{{360}}^{\circ}\usepackage{cmbright}\Huge\$ (the positive x-axis). In particular:

$\displaystyle{{350}}^{\circ}={{360}}^{\circ}-{{10}}^{\circ}\usepackage{cmbright}\Huge\$

This tells you that the terminal side is $\displaystyle{{10}}^{\circ}\usepackage{cmbright}\Huge\$ below the positive x-axis. To say this another way, the x-axis and the terminal side form a $\displaystyle{{10}}^{\circ}\usepackage{cmbright}\Huge\$ angle. This is the reference angle.