Yes, that's right. The reason why last consonant is 'v' : The second letter of Hebrew "alphabet" is 'bet' , but it's pronounced like that only when there is a dot called dagesh (emphasis) inside the letter. Otherwise it's 'vet', representing a v-sound.
The so called Masoretic Hebrew has many b-sounds that in modern Hebrew are pronounced as 'v', that is, are written without the dagesh. Thus, in modern H. the name of the language is 'ivrit' whilst the Masoretic spelling is 'ibrit'.
