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You find its approximate value, in the context of the degree to which you are rounding.
Pi is a mathematical constant and does not depend on a particular circle. It is an irrational (transcendental) number whose approximate value is 3.14159 although 3.14 is also used.
Absolute value of a number is the magnitude (value) of the number with any sign attribute
One can define an infinite number of fractions to successively approximate pi, and get closer and closer to pi's value. There is no closest fraction to pi. No matter how close the fraction is to pi you can always find one that is closer.