1) The document outlines the steps of inductive Bible study: observation, interpretation, and application. It provides detailed guidance on observation, including literary forms, structure, selectivity, and atmosphere.
2) Interpretation involves determining the meaning, using context and other biblical references. Application means understanding personal relevance through obeying commands, claiming promises, and adopting topics for prayer.
3) The goal is to correctly handle the word of truth by diligently studying Scripture and presenting oneself to God as one approved.