When a VirtualBox VM's Adapter is set to NAT can a VM access the Host computer?

In a VMs network settings:

1. Right click settings,
2. then in the resulting Settings dialog select Network from the side bar
3. And click any Adapter N tab,
4. If I set the Attached to: drop down to NAT

Will the VM be able to access the host machine? Does it get a specific IP with NAT?