EVERFI Future Smart Answers

We thoroughly check each answer to a question to provide you with the most correct answers. Found a mistake? Let us know about it through the REPORT button at the bottom of the page. Ctrl+F (Cmd+F) will help you a lot when searching through such a large set of questions.

Everfi Future Smart Answers Module 2 – Smart Shopping

Opportunity Cost
Opportunity Cost
When you make a choice, the value of the thing that you did not choose.
Budget
Budget
A plan for spending and saving.
Priorities
Priorities
The things that are most important to you.
Income
Income
The money that you get from your job or investments
Fixed Expenses
Fixed Expenses
Expenses that are the same every month
Variable Expenses
Variable Expenses
Expenses that change every month
Discretionary Expenses
Discretionary Expenses
Expenses that you choose, but that you do not have to make.
Savings
Savings
The money that you do not spend, but that you save for the future
Sales Tax
Sales Tax
A tax you pay when you buy something
Salary
Salary
The money you earn in your job

Everfi Future Smart Answers Module 3 – Ways to Pay

Wage
Wage
An amount of money earned at a specific rate per hour worked.
Debit Card
Debit Card
A card that connects directly to a checking account
Credit Card
Credit Card
A card that is a loan (borrowed money) from a credit card company
 
Credit Score
A number that represents how creditworthy you are–how responsible you are with money
Federal Income Taxes
Federal Income Taxes
Taxes used to pay for government services like roads, health care, national defense
 
Grace Period
The period of time after a bill is due during which payment may be made without penalty
 
Interest
The fee for borrowing money
Gross wages
Gross wages
The amount you earned BEFORE taxes are taken out
 
Withheld tax
The amount taken out of your income to pay for taxes
 
Medicare
A tax that pays for health care for people aged 65 or over
Social Security
Social Security
A tax that pays people who are currently retired
 
State Income Tax
Taxes paid to the state where you live. They pay for schools, roads, fire, police.
 
Net Pay
The amount you get paid AFTER taxes are removed
 
Credit Limit
The total amount of money you can charge to your credit card
Minimum Payment
Minimum Payment
The lowest amount you can pay to avoid late fees
Annual Percentage Rate (APR)
Annual Percentage Rate (APR)
The interest rate charged on your credit card for any outstanding balance
Payday Loan
Payday Loan
Allows you to get a loan in cash before you get your paycheck. They usually have extremely high fees and interest rates.
Direct Deposit
Direct Deposit
An electronic deposit of net pay to an employee’s bank account
Prepaid card
Prepaid card
A card that allows you pay ahead of time. Prepaid cards usually come with additional fees and charges.
Salary
Salary
A fixed amount of money paid to an employee for each pay period.
 
Stipend
A small fixed pay for specific services

Everfi Future Smart Answers Module 4 – Investing in You

Opportunity Cost
Opportunity Cost
When you make a choice, the value of the thing that you did not choose.
Bachelor's Degree
Bachelor’s Degree
A degree from a university. It usually takes four years to earn one.
Master's Degree
Master’s Degree
An advanced degree from a university. It usually takes 1-2 years AFTER finishing your bachelor’s degree.
Associate's Degree
Associate’s Degree
A degree from a community college. It usually takes about two years to earn one.
Doctoral Degree
Doctoral Degree
The most advanced degree from a university. It can take 4-6 years AFTER finishing your bachelor’s degree to earn one.
Vocational Training
Vocational Training
This is training for specific job skills.
Economy
Economy
A network of consumers and producers (of money) in a community
Economic Indicators
Economic Indicators
A statistic that helps make predictions about the future of the economy.
Supply
Supply
The amount of a specific good or service available for a given price.
Demand
Demand
Measures the number of people who are willing to buy a particular good or service at a given price.
Tuition
Tuition
The money you must pay to attend college or university.
Grant/Scholarship
Grant/Scholarship
Free money to help pay for college. You do NOT have to pay the money back.
Student loan
Student loan
Money that you borrow to pay for college.
Equlibrium Point
Equlibrium Point
The price where supply and demand are equal.

Everfi Future Smart Answers Module 5 – Growing A Business

Savings Account
Savings Account
An interest-bearing account where people put money for future use.
Revenue
Revenue
The money a business brings in from selling its goods or services
Profit
Profit
When the money coming in is more then the total expenses
Loss
Loss
When the money coming in is less than total expenses.
Certificate of Deposit
Certificate of Deposit
a savings certificate that has a higher interest rate and has a set time before you can withdraw your money
 
Principal
Most commonly used to refer to the original amount invested
Checking Account
Checking Account
An account in which deposited money can be withdrawn at any time by writing a check, using an ATM, or using a Debit Card.
Deflation
Deflation
When the price of items you purchase decreases.
Inflation
Inflation
When the price of goods or services increases.
FDIC
FDIC
Stands for the Federal Deposit Insurance Corporation.
Fixed Expense
Fixed Expense
An expense that occurs regularly. This amount typically stays the same each month.
Variable Expense
Variable Expense
An expense, such as a utility bill, which is a different amount each month.
Overdraft
Overdraft
Taking out more money than what is in an account.
 
Overdraft Fee
A fee the bank charges you when you take our more money than what is in your bank account.
Withdrawal
Withdrawal
When money is removed from an account.
 
Deposit
When money is added into a bank account
Simple Interest
Simple Interest
Interest that is generated from the money you put into an account.
Compound Interest
Compound Interest
Interest earned on a bank account that is usually recalculated daily, monthly, or quarterly.

Everfi Future Smart Answers Module 6 – Your Financial Future

 
Premium
The amount you pay your insurance company for coverage. It is usually paid each month.
 
Deductible
The amount you are required to pay for the year before your insurance covers any cost.
Copay
Copay
A fee you pay for medical service, each time you visit the doctor’s office not covered by insurance. Sometimes called an “Out of pocket” expense.
Security deposit
Security deposit
Money you pay when you rent an apartment to pay for any damage. If there is no damage when you leave, you get your money back.
 
Renters Insurance
Insurance that will pay for all your stuff in an apartment if something bad happens.
401k or 403b
401k or 403b
A retirement account where you pay from your paycheck before taxes and where your employer matches up to 3%.
IRA
IRA
An Individual Retirement Account. Your employer does not match your funds.
 
Risk
How likely it is that you will lose money on an investment
 
Return
How much money you can earn from an investment
 
Diversification
Your portfolio includes a mix of investments of different risk levels
Savings accounts
Savings accounts
Safe way to store money. Pays interest and is insured by the FDIC or NCUA.
 
Bond
A loan to a company or government
 
Stock
A small piece of ownership in a company. Highest risk investment.
 
Mutual Fund
A mix of different investments, like stocks and bonds. This is a moderately safe method of investing over a long period of time.
Stock exchange
Stock exchange
A place to trade stocks
 
Liability Insurance
Required by law. Pays for any damage to the other driver if it is your fault.
Collision Insurance
Collision Insurance
This pays for damage to your own car if the accident is your fault.
 
Comprehensive Insurance
Pays for any damage to your car, including storm or theft.
 
Homeowners Insurance
This pays for damage to your house AND your property
 
Life Insurance
Insurance that gives money to the people in your family if you die
 
Beneficiary
People who receive money from your life insurance if you die

Everfi Futuresmart Vocabulary Terms

Savings
Savings
You’ll want to build _________ into your budget. This can include savings for an emergency, for college, or to buy a specific item.
Discretionary
Discretionary
With ____________ expenses, you would control how much you spend. This includes expenses like going out to the movies or eating out with friends. Its your DISCRETION as to what you spend your money on.
Fixed
Fixed
___________ Expenses, like your rent, car payments, mortgage, occur regularly and the amount doesn’t change much from month-to-month.
Salary
Salary
A fixed payment from a job, usually paid on a weekly or bi-monthly basis, that doesn’t vary depending on how little or how much you work.
Taxes
Taxes
There are different types of ______ you owe to the local, state and federal governments. You can be taxed on the money you earn (called income ______) or items you purchase (called sales ______).
Charitable Giving
Charitable Giving
Think about others and do good for the world by including donations in your budget for different CHARITIES!
Budget
Budget
a plan for spending or saving money that is made up of income and expenses
Debit card
Debit card
Like a credit card, but a payment that allows you to make purchases using money directly from your checking account.
Direct deposit
Direct deposit
when money is automatically transferred or put directly into your account electronically.
Wage
Wage
amount paid based on a certain time period. You can earn a certain wage per hour, day or week.
Credit score
Credit score
a three-digit numerical rating of how likely you are to pay off your debts; some companies are xperian, TransUnion and Equifax.
Balanced Budget
Balanced Budget
When your earnings and spending are equal!
Needs
Needs
things that are required in order to live
Wants
Wants
things that add comfort and pleasure to your life
income
income
money received, especially on a regular basis, for work or through investments or gifts.
unit price
unit price
the price for a single unit of measure of a product sold in more or less than the single unit. The “_____________” tells you the cost per pound, quart, or other unit of weight or volume of a food package. It is usually posted on the shelf below the food.
coupon
coupon
a certificate that entitles buyers to an immediate price reduction when the product is purchased
Opportunity cost
Opportunity cost
What you give up as a result of choosing one option versus another; a trade-off.
independent
independent
If you’re buying a computer, you should check with an ________ consumer education website that reviews and rates technology products.
taxes, charitable giving, and savings
taxes, charitable giving, and savings
These are expenses that should be included in a typical budget.
Compare prices of two brands
Compare prices of two brands
If you know the unit price of an item, you are better able to ____.

What Is Future Smart In Everfi?

FutureSmart offers free financial education for children aged 6-8 and teaches them how to manage their finances, make sound decisions about their finances, and become financially responsible.

Source

Was this helpful?