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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
Everfi Vault Spending and Saving Module 2 Answers
Everfi Vault Income and Careers Module 3 Answers
Everfi Vault Credit and Borrowing Module 4 Answers
|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
|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.|
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