NATs (Network Address Translations) typically provide two main functions related to IP address mapping. The first is a one-to-one mapping, where a single private IP address is mapped to a single public IP address, and this is often referred to as static NAT (hence one correct statement). The second important function is that NATs can provide a many-to-one mapping, where multiple private IP addresses are mapped to a single public IP address, commonly known as PAT (Port Address Translation) or dynamic NAT (this being the other correct statement). This many-to-one mapping allows multiple devices on a local network to be represented by a single IP address to the outside world.