Auto-filling corresponding cells based on matching text

Hi, trying to teach myself Excel but got thoroughly stuck on a particular formula where i'm trying to enter text into a column, then have the next column use that text to fill itself based on defined list.

Since i'm sure that wasn't very clear, i've attached a small sample of what i'm trying to do. On the right side i'll have a set of defined values which won't change.
On the left side i have values that i'll input manually, but columns C & D will auto-fill via a formula based on the text in column B.
So, Example1 is what i would enter manually, Example2 is what it should auto-fill to look like with the appropriate formulas entered for columns B & C.

I tried the formula
=IF(EXACT(B4, !K:K), !L:L, "")
but to no avail...and none of the other formula conditions looked like what i was trying to do.

Any help would be greatly appreciated, this is clearly over my head.

You need to use the VLOOKUP function. See attached.

VLOOKUP takes a value that you want to find (first argument), tries to find it in the first column of a block of data (second argument), then once it finds it, it returns data in the same row in the nth column (third argument). The fourth argument set to FALSE means that your data isn't sorted and you insist on an exact match.

You can find details if you look it up in Excel Help.

think this is what you need