Definitions can make interesting word studies.
I've typed sections of verses for each WORD.
You can look up the remainder of the those listed.
GRACE = To receive blessings we DO NOT deserve.
"For by grace are ye saved through faith, and that not of yourselves,
it is the gift of God..."
John 1:17; Eph. 2:8-10 & 4:7; II Peter 3:18
MERCY = Benevolence.
Not receiving what we DO deserve.
To grant remission of an offense, to pardon.
"Not by works of righteousness, which we have done,
but according to His mercy he saved us."
Matt.9:27: 15:22: Eph.2:4; Titus 3:5; Hebrews 4:16.
REDEMPTION - REDEEMED = Bought back
"...as you know, you were not redeemed with...
silver and gold...but with the precious blood of Christ..."
Eph.1:7; I Peter 1:18,19; Rev. 5:9; Job 19:25.
INHERITANCE = Receiving that for which we did not work.
"To an inheritance incorruptible, and undefiled...
reserved in heaven for you."
Ps. 16:5; I Peter 1:3-5; Hebrews 9:14,15.
KNOWLEDGE-UNDERSTANDING = Acquaintance with facts,
truths or principles. Mental apprehension.
"That I may know him, and the power of his resurrection and the fellowship
of his suffering, made conformable to his death."
"My people are destroyed for a lack of knowledge."
Prov. 1:7; 2:2-6 & 10-11; Hosea 4:6; Rom.10:2,3. Phil 3:10 thru 14.