Yes, that is correct. A phrase match gives an estimate of now many times the keyword phrase has been used as part of a search phrase. The exact match estimates how many times that exact phrase was used in a search. A broad match estimates how many times any word in the phrase is used in a search.
Originally Posted by greatar4
For example, if users are searching for 'Netbuilders webmaster forum' and you are using the tool to see how many times people are searching for the phrase 'webmasters forum', each user search would add one exact match count to 'Netbuilders webmaster forum', but no exact match count to 'webmaster forum'. However, a phrase match count would be added to 'webmaster forum' because it is a subset of the actual search phrase. The phrase match estimate does not tell you how many times people searched for 'Netbuilders webmaster forum'. The phrase match estimate only tells you how many times 'webmaster forum' was used as part of the search phrase for user searches.
Broad match numbers are irrelevant because they can mean whatever Google wants them to mean.
Broad match gives you the largest estimate. Phrase match gives a smaller number. Exact match typically yields the smallest number. For some search phrases that are commonly used, phrase match and exact match estimates can be the same.
Here are Google's definitions for matching options.
What are keyword matching options? - AdWords Help
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