Final answer:
An Interpreter is a tool that converts a procedural language into machine code one statement at a time, right before execution. It allows for dynamic execution and is useful for debugging in contrast to a Compiler, which translates the entire code before running it.
Step-by-step explanation:
The term that describes the process of converting a procedural language one statement at a time into machine code just before it is to be executed is Interpreter. Unlike a Compiler, which converts the entire code into machine code before executing it, an Interpreter translates code line-by-line during runtime. This is beneficial for debugging and testing as errors can be identified and corrected on the fly. It is also easier for scripting and interactive use. Two other related terms are Assembler, which translates assembly language to machine code, and Linker, which combines multiple object files into a single executable.