Excel: Search for a list of strings within a particular string using array formulas?

This will return the matching word or an error if no match is found. For this example I used the following.

List of words to search for: G1:G7
Cell to search in: A1

=INDEX(G1:G7,MAX(IF(ISERROR(FIND(G1:G7,A1)),-1,1)*(ROW(G1:G7)-ROW(G1)+1)))

Enter as an array formula by pressing Ctrl+Shift+Enter.

This formula works by first looking through the list of words to find matches, then recording the position of the word in the list as a positive value if it is found or as a negative value if it is not found. The largest value from this array is the position of the found word in the list. If no word is found, a negative value is passed into the INDEX() function, throwing an error.

To return the row number of a matching word, you can use the following:

=MAX(IF(ISERROR(FIND(G1:G7,A1)),-1,1)*ROW(G1:G7))

This also must be entered as an array formula by pressing Ctrl+Shift+Enter. It will return -1 if no match is found.

Adding this answer for people like me for whom a TRUE/FALSE answer is perfectly acceptable

OR(IF(ISNUMBER(SEARCH($G$1:$G$7,A1)),TRUE,FALSE))

or case-sensitive

OR(IF(ISNUMBER(FIND($G$1:$G$7,A1)),TRUE,FALSE))

Where the range for the search terms is G1:G7

Remember to press CTRL+SHIFT+ENTER