|to chew (food) slowly and thoroughly.|
|to steal or take dishonestly (money, esp. public funds, or property entrusted to one's care); embezzle.|
A word formed by combining the beginning letters of a name or phrase, as in WASP for white Anglo-Saxon Protestant, or by combining the initial syllables of a series of words, as in radar, which stands for radio detecting and ranging.
Note: Acronyms are often less clumsy than the complete expressions they represent and are easier to write and remember.