Yes, easily discoverable from the links under the search box as Tools -> All Results -> Verbatim. Ignore the sign about the leopard, I think that's just left over from some other project.
No, it refers to verbatim mode, which ensures every word in the search is on (almost) every page found. (You would think google works like this by default, but in practise, very far from it) Using quotes around the search terms ensure they appear in the quoted order.
To switch on Verbatim, I click "Verbatim" on the left side of the google page, it appears just under the alternative, "All results". I think for other systems it can be well hidden in menus. I use it almost every time I google anything. Otherwise you get a load of irrelevant crap.
