EverFi Future Smart Program Quiz

EverFi Future Smart Program

• The key focus is on enhancing financial literacy through interactive lessons and real-life scenarios.
• Its purpose is to equip students with critical financial skills necessary for making informed decisions in the future.
• The target audience includes middle and high school students to prepare them for financial independence.

Opportunity Cost

• Opportunity cost refers to the value of the next best alternative that is forgone when making a choice, highlighting the trade-offs in decision-making.

Budget

• A budget is a financial plan that outlines expected income and expenses over a specific period, helping individuals manage their resources effectively.

Fixed Expense

• An example of a fixed expense is a monthly rent payment, which remains constant and does not fluctuate over time.

Savings

• Savings is defined as the portion of income that is not spent and is set aside for future use or emergencies, contributing to financial security.

Credit Card

• A credit card is a financial instrument that allows individuals to borrow money up to a certain limit to make purchases, with the obligation to pay back the borrowed amount, typically with interest.