Yes, in PSE terms, styles are the same as layer styles.
If you do a google search for "installing layer styles" "Photoshop Elements" you'll get hits for many sites, including stuff on You Tube that explains how and where to install the styles
In order to use styles in PSE just select the layer you want to "stylize", choose the style you want to use from your layer styles palette, click apply. If you're adding a style to a text layer you need to simplify it first (Select layer, right click on layers palette, choose "simplify layer" from menu)
Hope this helps.
Crystal in PA