Clarification on Provoke the Trolls
Yes, that's a reasonable simplification.
To be more precise, it's a 7/4 with 3 damage on it. This may matter in the case of another card which wants to know the toughness of the creature like Abattoir Ghoul. If you attack with the Knight and your opponent blocks with the Ghoul, they'll gain 4 life, not 1.
Also, resolving Provoke the Trolls is not enough; it needs to actually deal damage. If the damage is prevented, e.g. with Avacyn, Guardian Angel's first ability, it doesn't get the +5/+0 bonus.