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It is very hard to get a true sense of what any verse means if you take it out of the context in which it was written, regardless of hte translation. Sit down and read the entire section--most Bibles have subtitles. You can also get a copy of King James and also a more modern translation and read the verses side-by-side. Jesus is not talking about anything; he is talking about a relationship with God.
Language changes over the course of time--just look at the way people wrote and spoke 75 or 100 years ago versus now. More modern translations use modern language--King James is written in late Middle English. The language is in my opinion beautiful, and as a cultivator of language and words, I do believe I understand it as easily as a modern translation, but I certainly understand that most people probably do not.
As for the assignment, you need to find out when it is due--chances are that you have quite a while if this is for a 5-year old. To explain the verses to her I would suggest getting a Bible specifically for a young child--some do not do a very good job of correlating verse by verse, but some do a very good job.