That's almost it. In both of Marilyn's examples, x would be considered a "named constant" because it is the name for a variable that holds a constant value. However, the value 2 assigned to x is a literal constant. A "literal constant" is basically a constant that is stated literally in the code. Here are some examples:
2 50000000L 3.1415 "Hello, World!" 'q'
A named constant is, as stated above, a variable that was declared final. Some examples from the standard API include
Math.PI Calendar.JANUARY BorderLayout.NORTH
I guess I should clarify that I am referring to these constants as <class>.<constant name>, but that isn't strictly necessary. Also note that whenever you declare a named constant, it must be given a literal constant as its value. Also, I don't think a named constant is required to be a static, although they often are.