ANSWERS: 2
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Yes. The one that is used so much, especially on the news and by sportscasters, is "impact". "The win will surely "impact" the team's standings in the football league." Ugh! Just say "affect"!
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Yes, it does. And it is the same when verbs are turned into nouns. Verbs and nouns are there for a reason - to be used appropriately and properly. Nouns made into verbs such as transition (a favorite in LA) and text, and verbs made into nouns such as [a new] hire, [a software] install, [a] divide [between], are buzzwords used when people are too lazy to remember and use proper English. As a teacher I do find it rather disturbing. Oh, and mrshinyshoes is correct about "affect" and not "effect" (and he gets my +3).
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