Yes, 16 ounces (oz) of liquid is equal to 1 pound (lb), but this conversion only applies to water or other liquids with a similar density to water.
This is because 1 pound is defined as 16 ounces in weight. For water, 1 fluid ounce of water weighs approximately 1 ounce, so 16 fluid ounces (1 pint) weighs 16 ounces, which equals 1 pound.
However, for other liquids or substances with different densities (like oil or syrup), the weight might not be exactly 1 pound for 16 fluid ounces.