BillieBob has it correct.....
Not quite:
When set to a pressure of 1013.2 hPa an altimeter will indicate flight level
The indication is 'Pressure Altitude'.
'Flight Level' is an ATC and operational shorthand term for describing the availability of cruising altitudes above the Transition Altitude.
After all, if you set 1013.2 hPa on the ground at a sea-level airfield with a QNH of 1003, the altimeter will indicate about 300ft. Your pressure altitude is 300ft, but no-one would describe it as 'Flight Level zero zero three', would they?
I totally agree with BillieBob's definition of QNE though! It's amazing how often this is mis-understood. Not terribly relevant today, I guess......