gescheit
smart
Clever, intelligent, and endowed with good judgment.
Sie ist ein wirklich gescheites Mädchen und hat immer die besten Noten.
She is a really smart girl and always gets the best grades.

smart / sensible
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smart
Clever, intelligent, and endowed with good judgment.
Sie ist ein wirklich gescheites Mädchen und hat immer die besten Noten.
She is a really smart girl and always gets the best grades.

The meaning of 'gescheit' depends strongly on the context and the region. If it refers to a person's intelligence or the cleverness of an idea, it means 'klug' (smart). If it describes a thing, clothing, or behavior, it often means 'ordentlich' (proper) or 'vernünftig' (sensible), especially in southern Germany.
Das war eine gescheite Entscheidung.
That was a smart decision.
In the meaning of 'klug' (smart), 'gescheit' is often used to describe people, their actions, or their statements. Typical combinations are 'ein gescheiter Mensch' (a smart person), 'eine gescheite Antwort' (a smart answer), or 'nicht sehr gescheit sein' (not to be very smart).
Er hat auf meine Frage eine sehr gescheite Antwort gegeben.
He gave a very smart answer to my question.
The meaning 'ordentlich' (proper) or 'vernünftig' (sensible) is especially common in southern Germany, Austria, and Switzerland. In northern and central Germany, the word is used less often in this sense.
Iss doch mal was Gescheites, nicht immer nur Süßigkeiten!
Eat something sensible for once, not just sweets all the time!
stupid / unfortunate
'dumm' and 'gescheit' are opposites here. 'dumm' describes someone or something as not very smart or as poorly thought out. 'gescheit' means smart and sensible. Both words can refer to people, decisions, or ideas. 'gescheit' often sounds somewhat southern German or Austrian, but it is well understood. The simple contrast is: a 'dumme Entscheidung' (stupid decision) is poorly thought out, while a 'gescheite Entscheidung' (smart decision) is well thought out.

Ihr Vorschlag war gescheit, weil er Zeit und Geld spart.
Her suggestion was smart because it saves time and money.
Mein Vater fand es dumm, das Handy ohne Sicherung zu reparieren.
My father thought it was stupid to repair the phone without a backup.