Did you know that financial literacy is an important part of life, not just for adults but for children as well? Vault – Financial Literacy for Kids has created a set of activities specifically designed to help students in elementary school learn the basics of financial literacy.
From creating budgets to understanding investments, these activities are designed to teach students practical skills they can carry into adulthood.
Check out Vault’s test answers to see how your child can become financially literate today!
Everfi Vault Financial Decision Making Module 1 Answers
Financial decisions
Can have positive or negative consequences and involve saving, tracking and planning for your spending.
Privacy
Protect your personal information and only share with trusted parties.
Spending advice
Ask a reliable family member, banker or financial advisers on how to best use your money.
Wants
Things you can purchase that entertain or make life enjoyable, but are not necessities.
Needs
Things you can purchase that are required for healthy living, such as shelter, transportation, clothing and food.
Short Term
Items that require planning for a brief amount of time when saving for a purchase
Long Term
Items that require planning for months or years of savings before making a purchase
Goals
Identify what you want to accomplish with long term and short term plans.
Opportunity Cost
Funds are always limited so there is a “trade-off” between what we can get and what we must “give up” when we make a purchase.
Savings Plan
Track your spending and set save for your goals.
Inflation
The cost of items generally rises over time (blows up like balloon); this decreases the value of our money in the economy.
Financial Literacy
When you are “literate” in this topic you “understand” how money works and how to make wise money decisions.
Your Best Future
We must plan wisely for the days ahead even though we “want” to spend our money now for instant rewards.
Impulse Purchase
Something you bought instantly, without asking smart money questions.
Everfi Vault Spending and Saving Module 2 Answers
What kind of information should you find when you want to research buying something?
Reliable information
Cutting back on expenses can help you save money,which will
Add up fast and help you save for your goal
If you have a budget,you have
a plan for using money over a set period of time
Why is saving money important?
Saving money can help you meet goals.
Which is reliable source of information when trying to research something you will buy?
Expert reviews
When you want to buy something,which kind of information may not give you the best information
Product advertisements
Keeping track of what you earn,spend and save are the key parts of a
Budget
Buying cheaper product sometimes can help you
Reach a savings goal
Which of these is not true
It’s harder to keep track of your expenses when you make a budget
Tracking your spending can help you
Know where your money is being spent
Everfi Vault Income and Careers Module 3 Answers
Whats the diffrence between a salary and a wage
A wage is an amount that is paid for each hour that you work but a salary is a set income paid regularly
What would an example of a money making opportunity for a person your age
A lemonade stand
How is a career path different from a job
A career path is made up of jobs in the same field
Why is choosing a career based on intrests and skills important
Its important to like what you do and be able to do it
If someone can cook and bake and then becoms a chef,they have chosen a career based on
Skills
Imagine a neighbor newds help with their yard.What would you need in order to turn that into a money making opportunity?
Tools and skills to do the work
A job is
Something you do to earn money
Imagin you have a friend who is really intrested in dogs.What would they news in order to tunr that interest into a way of making money?
Dogs in the neighborhood that need walking
If someone likes animals and then becomes a zoo keeper,they have chosen a career based on
Interests
A career is
the type of job you do for a long time
Everfi Vault Credit and Borrowing Module 4 Answers
| Question | Answer |
|---|---|
| When you get paid a certain amount for each hour you work. | Wage |
| When you get the same amount of money each week, but you’re expected to work a certain number of hours each week. | Salary |
| Something you do to earn money. | Job |
| used to buy something now and you will have to pay it back when our bill comes later. | Credit card |
| It’s good to use cash for smaller things and things you can afford now. | True |
| To be reliable means that you can be trusted. | True |
| If your credit history is good, others are more likely to lend you money if you need it. | True |
| Cash is _. | c. money you have today |
| Credit is _. | b. money you borrow and promise to pay back later |
| A debt is _. | a. money you have to pay pack |
| Why is a credit card a type of debt? | c. Using a credit card is borrowing money that needs to be paid back later. |
| Which of the following is not true about credit cards? | c. You don’t need to worry about spending too much when you have a credit card. |
| When is using a credit card a good idea? | d. You need something now but won’t have the money until the next time you get paid. |
| A credit history is _. | c. a record of how you pay back money you borrow |
| When your credit history is good, __. | b. other people are more likely to lend you money |
Everfi Vault Future Planning Module 5 Answers
| Question | Answer |
|---|---|
| Why is it important to save money? | a. Savings allow you to buy the things you want or need at a later time. |
| What is the connection between goals and savings? | a. Goals can give you a reason to save. |
| Where would you go to start a savings account? | A financial institution |
| Savings accounts _. | a. can help you reach your savings goals faster |
| Which of the following is not true about savings accounts? | Savings accounts can lose your money. |
| Interest earned on a savings account is _. | b. the percentage a financial institution pays you to borrow your money |
| How are simple interest and compound interest different? | Simple interest stays the same over time, but compound interest grows. |
| Insurance can help _. | in an emergency |
| Why might a stock be an investment that can have some risks? | You can lose money if the business you own stock in does not do well. |
| How can insurance help with meeting savings goals? | Insurance pays for some costs of an emergency so you can keep your savings. |
Sources
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