Yes, turn off water, losen the nut and open/unscrew round handle at same time. Should be a washer. Take removed valve to hardware store so you can get a new washer which fits properly.
That will fix it 95% of the time...
Sometimes there is a "rough surface" on the "seat" or the spot inside the faucet where the washer presses against. Feel it with your finger tip to be sure it is smooth. If rough, use a little sandpaper to smooth it. Then clean off with water (turn water on for a second). If there is a rough surface, it will damage the new washer and begin leaking again soon.