Yes, that is the definition of a rational number. As to the specific division, here is a numberphile video on it: 998,001 and its Mysterious Recurring Decimals - Numberphile - YouTube
Note that the neatness of this is that it generates all the 3 digit numbers (except 998). The video explains how it works, and that you do 2, 3, 4, 5, etc repeating digit decimals.