The document summarizes key points from a Bible study session on interpreting and applying the Bible. It discusses the differences between modern and biblical audiences and the importance of finding the underlying theological principle. It provides a four-step method: 1) understand what the text meant historically, 2) identify differences, 3) discern the theological principle, and 4) apply the principle today. An example is provided using Joshua 1:1-9 to demonstrate the method. Close reading techniques like observation are emphasized to understand what a passage directly says before interpreting.