for (@DATA) {   # this transforms @DATA, destructive
    $_ = [map {/^\s*(.*?)\s*$/} split ':', $_, 2];
}

##</code><code>##

for (@DATA) {
    printf "FIRST TERM - %s\nSECOND TERM - %s\n", @$_;
}

##</code><code>##

for (@DATA) {
    $_ = join ' ', split;    # normalize whitespace
    $_ = [split /[:\s]/, $_, 2];
}