This article is from the AmiTCP/IP FAQ, by Mike Meyer with numerous contributions by others.
Yes, this is correct. However, the more connections you have, the more bandwidth is required/used on your link. For example, you could be using FTP while on IRC, or you could be viewing Mosaic pages while reading news.
However, if there is no traffic on some connections (they are idle), they do not use bandwidth at all. No matter how many terminal sessions you have open, you only generate traffic from the one(s) you are using.
 
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