If You Cosign a Loan

question 141

Multiple Choice

If you cosign a loan:

• A) you are only responsible for half of the debt obligation.
• B) you will be asked, but not required, to pay the loan if full if the borrower fails to pay.
• C) you will be required to pay the loan in full if the borrower defaults on the payments.
• D) the creditor must first try to collect from the borrower.
• E) the creditor is prohibited from garnishing your wages if you refuse to pay the loan in full.

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Definitions:

Strategy

A plan of action designed to achieve a long-term or overall aim.

Team Leader

Denotes a person responsible for guiding, overseeing, and facilitating the work of a team to achieve specific tasks or goals.

Planning Meetings

Scheduled gatherings aimed at discussing tasks, setting goals, and devising strategies for project or organizational development.

Recruiting

The process of identifying, attracting, interviewing, and hiring candidates for jobs.