Microsoft Office 2011 for Mac works very well. Also remember that Apple's Pages, Numbers, and Keynote are half the price ($20 each) of the Microsoft Office for Mac package and correspond to WORD, Excel, and Powerpoint respectively.
Yes. There are the basic microsoft office programs like all those you mentioned above. Keep in mind the other programs like access that are a part of the MS Office family for windows are not available for mac. For those situations you may run a virtual machine on your mac. Other programs in case you're interested like SPSS are also not available for mac but as mentioned previosly you may run them through a virtual machine.