Answer
$\bf{True}$
Work Step by Step
The sum of the first $n$ terms of a Geometric Sequence is given by:
$S_{n}=a_{1} (\dfrac{1-r^{n}}{1-r}) ; \ r\neq 0,1$
where $r$=common ratio and $a_1$= the first term.
Thus, the statement is $\bf{True}$.