There [are] two basic approaches, or philosophies, to translation. One is called “formal equivalence,” or literal translation, also known as word-for-word translation. The other is known as “functional equivalence,” previously known as dynamic equivalence, or idiomatic translation. [With] formal equivalence, the goal is to follow the form of the original text—the Greek or Hebrew text—as closely as possible. Functional equivalence isn’t concerned so much with following the form, but wants to capture