Thanks Duke - please do - better to learn from experts.
Here is the convention that I follow (not saying this is necessarily the one and only valid convention):
The term
efficiency refers to how loud the speaker is at one meter for a given
wattage input, typically one watt. So if a speaker is 92 dB efficient, it will do 92 dB with a 1 watt input. (This is NOT the most
precise use of the term "efficiency", but I do think it is the most
useful.)
The term
sensitivity refers to how loud the speaker is for a given
voltage input, typically 2.83 volts. So using our 92 dB efficient speaker in the previous example, IF it is a 4 ohm speaker, then its sensitivity is 95 dB because 2.83 volts into 4 ohms is 2 watts. If it is an 8 ohm speaker, then its sensitivity is 92 dB because 2.83 volts into 8 ohms is 1 watt (which is why we normally use 2.83 volts). If it is a 16 ohm speaker, then its sensitivity is 89 dB because 2.83 volts into 16 ohms is 1/2 watt.
The following gets a bit more geeky.
A more precise way to express the term "efficiency" would be as a percentage... energy (watts) input vs energy (watts) output. A 1% efficiency corresponds to 92 dB, and a 10% efficiency corresponds to 102 dB, and a 100% efficiency corresponds to 112 dB. But, even this is not as precise as it might be. What is missing is, the radiation pattern.
Imagine a garden hose with an adjustable nozzle. The same
amount of water comes out whether the pattern is wide or narrow, but the more narrow the pattern, the greater the on-axis
pressure. Same thing with loudspeakers.
A horn is one way of trading pattern width for increased on-axis sound pressure level. Making some simplifying assumptions, if we have a 92 dB efficient cone with a 90 degree radiation pattern, and we mount a horn in front of it which narrows the pattern to about 30 degrees, we will have reduced the pattern's area down to about 1/9th of what it was, and correspondingly the on-axis sound
pressure level will have increased to about 101 dB. (This tradeoff relationship between pattern width and on-axis SPL explains how we can attain on-axis efficiencies up around 112 dB from drivers whose actual electrical efficiencies are well below 100%).