Select the list in column A
Right-Click and select Define Name...
Enter "ColumnToSearch"
Click cell C1
Enter this formula: =MATCH(B1,ColumnToSearch,0)
Drag the formula down for all items in B
If the formula fails to find a match, it will be marked #N/A, otherwise it will be a number.
If you'd like it to be TRUE for match and FALSE for no match, use this formula instead:
=ISNUMBER(MATCH(B1,ColumnToSearch,0))
If you'd like to return the unfound value and return empty string for found values
=IF(ISNUMBER(MATCH(B1,ColumnToSearch,0)),"",B1)