Hi Jeff,
Actually, "phrase" and "exact" match are both misnomers when it comes to SEOC; the matching stuff doesn't work the same way as it does for traffic figures.
SEOC is the number of pages you get for when you enter a search term with double-quotes in Google, i.e. the difference between searching for chicken noodle soup or "chicken noodle soup". The former is 'broad', in that it can match related synonyms. The latter searches for the words in the given order exactly; if there are any words missing or in between, they won't match.
Making a parallel with the traffic match types, though, it's most similar to "phrase"; because even if the words are followed (in the results pages) by other words, they'll still match, of course.
Hope this helps. It really doesn't matter if you call it phrase or exact; they have the same meaning when it comes to SEOC. Notice that without quotes is really a 'broad' match, however, as it uses similar words and rearrangements.
Cheers,
Arlen