If something's exact, it's precise and completely accurate — as opposed to a guess, an estimate, or an approximation.

Exact also has the meaning of taking something from someone, often money, and generally only given up with reluctance under the threat of force. The Mob might exact a shakedown from unfortunate businessmen, for example. The word comes from the Latin exactus "exact or accurate," a form of the verb exigere — meaning "to force out or demand," like the Mob demanding its money.

Definitions of exact
  1. adjective
    marked by strict and particular and complete accordance with fact
    “an exact mind”
    “an exact copy”
    “hit the exact center of the target”
    conforming exactly or almost exactly to fact or to a standard or performing with total accuracy
    direct, verbatim
    in precisely the same words used by a writer or speaker
    without interpretation or embellishment
    characterized by the exactness or precision of mathematics
    precisely accurate or exact
    representing people or nature with the exactness and fidelity of a photograph
    rigorous, strict
    rigidly accurate; allowing no deviation from a standard
    limited to the explicit meaning of a word or text
    being complete of its kind and without defect or blemish
    sharply exact or accurate or delimited
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    not exact
    not exact
    approximate, approximative, rough
    not quite exact or correct
    free, liberal, loose
    not literal
    an indefinite quantity more than that specified
    (mathematics) expressed to the nearest integer, ten, hundred, or thousand
    not precise
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  2. adjective
    (of ideas, images, representations, expressions) characterized by perfect conformity to fact or truth ; strictly correct
    synonyms: accurate, precise
    correct, right
    free from error; especially conforming to fact or truth
  3. verb
    take as an undesirable consequence of some event or state of affairs
    synonyms: claim, take
    ask, call for, demand, involve, necessitate, need, postulate, require, take
    require as useful, just, or proper
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    type of:
    ask, call for, demand, involve, necessitate, need, postulate, require, take
    require as useful, just, or proper
  4. verb
    claim as due or just
    synonyms: demand
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    demand as one's due
    call, call in
    demand payment of (a loan)
    type of:
    ask for legally or make a legal claim to, as of debts, for example
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