Yes, absolutely!
The student's account will default to allow three attempts to answer the problems of each assignment, but you can increase or decrease that number.
You can also choose to have a different number of attempts for different types of assignments.
To find these options, go here:
Parent Dashboard>Students>Overview>Math>Course Settings>Online Grading Settings
Please note: The number of attempts will be determined by the number of possible answers for multiple choice problems.