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When you make a choice, the value of the thing that you did not choose.
A plan for spending and saving.
The things that are most important to you.
The money that you get from your job or investments
Expenses that are the same every month
Expenses that change every month
Expenses that you choose, but that you do not have to make.
The money that you do not spend, but that you save for the future
A tax you pay when you buy something
The money you earn in your job
Everfi Future Smart Answers Module 3 – Ways to Pay
An amount of money earned at a specific rate per hour worked.
A card that connects directly to a checking account
A card that is a loan (borrowed money) from a credit card company
A number that represents how creditworthy you are–how responsible you are with money
Federal Income Taxes
Taxes used to pay for government services like roads, health care, national defense
The period of time after a bill is due during which payment may be made without penalty
The fee for borrowing money
The amount you earned BEFORE taxes are taken out
The amount taken out of your income to pay for taxes
A tax that pays for health care for people aged 65 or over
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.
The amount you get paid AFTER taxes are removed
The total amount of money you can charge to your credit card
The lowest amount you can pay to avoid late fees
Annual Percentage Rate (APR)
The interest rate charged on your credit card for any outstanding balance
Allows you to get a loan in cash before you get your paycheck. They usually have extremely high fees and interest rates.
An electronic deposit of net pay to an employee’s bank account
A card that allows you pay ahead of time. Prepaid cards usually come with additional fees and charges.
A fixed amount of money paid to an employee for each pay period.
A small fixed pay for specific services
Everfi Future Smart Answers Module 4 – Investing in You
When you make a choice, the value of the thing that you did not choose.
A degree from a university. It usually takes four years to earn one.
An advanced degree from a university. It usually takes 1-2 years AFTER finishing your bachelor’s degree.
A degree from a community college. It usually takes about two years to earn one.
The most advanced degree from a university. It can take 4-6 years AFTER finishing your bachelor’s degree to earn one.
This is training for specific job skills.
A network of consumers and producers (of money) in a community
A statistic that helps make predictions about the future of the economy.
The amount of a specific good or service available for a given price.
Measures the number of people who are willing to buy a particular good or service at a given price.
The money you must pay to attend college or university.
Free money to help pay for college. You do NOT have to pay the money back.
Money that you borrow to pay for college.
The price where supply and demand are equal.
Everfi Future Smart Answers Module 5 – Growing A Business
An interest-bearing account where people put money for future use.
The money a business brings in from selling its goods or services
When the money coming in is more then the total expenses
When the money coming in is less than total expenses.
Certificate of Deposit
a savings certificate that has a higher interest rate and has a set time before you can withdraw your money
Most commonly used to refer to the original amount invested
An account in which deposited money can be withdrawn at any time by writing a check, using an ATM, or using a Debit Card.
When the price of items you purchase decreases.
When the price of goods or services increases.
Stands for the Federal Deposit Insurance Corporation.
An expense that occurs regularly. This amount typically stays the same each month.
An expense, such as a utility bill, which is a different amount each month.
Taking out more money than what is in an account.
A fee the bank charges you when you take our more money than what is in your bank account.
When money is removed from an account.
When money is added into a bank account
Interest that is generated from the money you put into an account.
Interest earned on a bank account that is usually recalculated daily, monthly, or quarterly.
Everfi Future Smart Answers Module 6 – Your Financial Future
The amount you pay your insurance company for coverage. It is usually paid each month.
The amount you are required to pay for the year before your insurance covers any cost.
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.
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.
Insurance that will pay for all your stuff in an apartment if something bad happens.
401k or 403b
A retirement account where you pay from your paycheck before taxes and where your employer matches up to 3%.
An Individual Retirement Account. Your employer does not match your funds.
How likely it is that you will lose money on an investment
How much money you can earn from an investment
Your portfolio includes a mix of investments of different risk levels
Safe way to store money. Pays interest and is insured by the FDIC or NCUA.
A loan to a company or government
A small piece of ownership in a company. Highest risk investment.
A mix of different investments, like stocks and bonds. This is a moderately safe method of investing over a long period of time.
A place to trade stocks
Required by law. Pays for any damage to the other driver if it is your fault.
This pays for damage to your own car if the accident is your fault.
Pays for any damage to your car, including storm or theft.
This pays for damage to your house AND your property
Insurance that gives money to the people in your family if you die
People who receive money from your life insurance if you die
Everfi Futuresmart Vocabulary Terms
You’ll want to build _________ into your budget. This can include savings for an emergency, for college, or to buy a specific item.
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.
___________ Expenses, like your rent, car payments, mortgage, occur regularly and the amount doesn’t change much from month-to-month.
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.
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 ______).
Think about others and do good for the world by including donations in your budget for different CHARITIES!
a plan for spending or saving money that is made up of income and expenses
Like a credit card, but a payment that allows you to make purchases using money directly from your checking account.
when money is automatically transferred or put directly into your account electronically.
amount paid based on a certain time period. You can earn a certain wage per hour, day or week.
a three-digit numerical rating of how likely you are to pay off your debts; some companies are xperian, TransUnion and Equifax.
When your earnings and spending are equal!
things that are required in order to live
things that add comfort and pleasure to your life
money received, especially on a regular basis, for work or through investments or gifts.
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.
a certificate that entitles buyers to an immediate price reduction when the product is purchased
What you give up as a result of choosing one option versus another; a trade-off.
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
These are expenses that should be included in a typical budget.
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.