All ISP's quote their speeds in bps (bits per second), where as LW quotes speeds in bytes per second. A Byte is 8 times larger than a bit. So divide the quoted ISP speed by 8 to get your Bytes speed. Byte speeds are normally quoted in capitals, bit speeds in lower-case.
Almost nobody will get the exact speed quoted by ISPs. THere will be speed loss due to distance away you are from the ISP; the further away you are, the lesser speed you will get. There can also be loss of speed if the wires used somewhere between you and isp have not been upgraded to handle the higher speeds. So in other words there are transmission losses.

If you use cable, there can be a loss of speed of local people in your neighbourhood are also using a lot of bandwidth. During peak use periods this may be quite noticeable.

Other losses in speed can be from your home devices, old routers can lose speed. Also if you are networking at home.

Some ISP's will shape speeds if user uses too much or some isp's simply have an anti-p2p approach and will shape p2p bandwidth either specific periods of day or all the time.

14 mbps = 1.75 MB/s (also minus losses such as distance from ISP)