When used in the context of paid search, phrase match describes a keyword or key phrase that shows ads for queries that include the key phrase, in the exact order specified, but allows for leading or trailing terms.
For example, the phrase matched key phrase "dell computers" would include all of the following queries:
broken dell computers
dell computers for sale
dell computers are terrible
i love dell computers
In the Google Adwords program, a keyword is phrase matched when it is enclosed in quotation marks: "example".