They power the CMOS, yes.
Quick and cheap way to tell, as others have mentioned, is by going to Radio Shack and buying a replacement battery.
These batteries last a long time, though. I have an old Gateway 2000 machine from 1994 (Pentium-I Socket-5 90MHz FTW!), that was sitting in the garage for 4+ years. I pulled it back into the house, booted it up, checked the BIOS, and the time was only 10 seconds slow.