You can certainly set up a test subdomain if you like, such as test.yourdomain.com. However, that also will be live. This is due to the nature of Wordpress.
To move a wordpress from one folder to another, there are a few changes that need to be made. Wordpress has a great guide on changing your wordpress location.
You may want to consider creating the site in the same place it will be and simply using a plugin to give you an Under Construction page. This will appear to anyone not logged in, whereas those logged in will see the normal site as it is being developed. This keeps you from having to move the site afterwards.
Just search for Under Construction in your plugin area and you will see the different plugins available for that purpose.
As for multiple wordpress sites, you can have as many as you like on your account. They just all have to be in different folders.
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