Yes. Please review the section 'Calling a Formula From a Formula' in the Oracle Fusion Fast Formula User Guide. See: http://docs.oracle.com/cd/E37583_01/doc.1116/e36894/F823032AN112E5.htm#F294842AN12C60
You can access all of the Fusion HCM Guides from the Documentation Library: http://docs.oracle.com/cd/E37583_01/nav/hcm.htm.
If Formula A calls Formula B, there are two things here:-
If both Formula A and Formula B are of same formula type(i.e. Oracle Payroll, Payroll Access to HR etc), then you don't need to pass contexts to the called formula. Contexts should be automatically available in the called formula and you need not to pass them.
If both formulas are not of same formula type, then you can pass context value as a input value to the called formula like below:-
For example, you need to get value of context 'ABC' in formula B from formula A then you can get in this way