It means the numerator is being divided by the denominator.
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It is the solidus line that separates the numerator from the denominator in a fraction.
There are three parts to a fraction, there is the numerator (the top number), the denominator (the bottom number) and the vinculum (the line in the middle which means 'divide by'-
The line is usually taken to mean that the decimals under the line repeat. And yes, such a number is rational, since it can be converted into a fraction (with whole numerator and denominator).
The line that separates the top number (numerator) from the bottom number (denominator) of a fraction can be called a dividing line - since this is what is happening in the sum itself to calculate the fraction.
The line over a fraction number means division. For example 2/4. 4 divided by 2 is 2. Add to the the numerator and you get 4/4. 4/4 is equal to one whole.