This distich comes from the Florilegium Gottingense edited by Voigt.
Vive vacans studio, quasi numquam sis moriturus;
Vive carens vitio, tamquam sis cras moriturus.
The vocabulary is keyed to the DCC Latin Vocabulary list. There is only one word in this poem that is not on the DCC list:
crās, adverb - tomorrow
careō -ēre -uī: lack (+ abl.)
morior morī mortuus sum: die
numquam: never
quasi: as if
studium -ī n.: eagerness, zeal
sum, esse, fuī: be, exist
tamquam: so as, just as
vacō vacāre: be empty, open, unoccupied
vitium -ī n.: flaw, fault, crime
vīvō vīvere vīxī victum: live