Turnaround time is the interval between the submission of a job and its completion. Response time is the interval between submission of a request, and the first response to that request.
In a cached system, the base addresses of the last few referenced pages is maintained in registers called the TLB that aids in faster lookup. TLB contains those page-table entries that have been most recently used. Normally, each virtual memory reference causes 2 physical memory accesses-- one to fetch appropriate page-table entry, and one to fetch the desired data. Using TLB in-between, this is reduced to just one physical memory access in cases of TLB-hit.