If You Are a Cosigner for a Loan and the Debt

question 56

True/False

If you are a cosigner for a loan and the debt is not repaid, that fact will appear on your credit report.

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Definitions:

Theater Tickets

Documents that grant the holder the right to enter a theater and see a performance.

Performance

The act of executing or accomplishing work, tasks, or duties, often measured against predefined standards.

Prepaid Rent

Represents the payment of rent in advance before it is due, recorded as an asset on the balance sheet until it is expensed.

Deferral

An accounting concept where revenue or expense is recognized at a date later than the point when cash was originally exchanged.