The verb phrase means to articulate. You should be careful how you phrase your criticism of your boss. Saying he can be demanding is probably okay. Saying he is an ogre is probably not.
In grammar, a phrase is a group of words that is part of a sentence but can't stand alone. In the sentence, "We should go to your house," "to your house" is a phrase. A phrase can also be an idiomatic saying. If you told a foreign exchange student to "get off the fence" and pick a side in the debate, he might look puzzled at the phrase and say, "But I'm nowhere near a fence!"