All of the Following Are True Regarding a Cosigner on an Account

question 29

Multiple Choice

All of the following are true regarding a cosigner on an account except

• A)the cosigner is responsible for any unpaid balance.
• B)the lender may not seize the assets of a cosigner.
• C)cosigning an account is a big liability and should be taken seriously.
• D)cosigning on a loan can restrict the amount that the cosigner is able to borrow.

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Definitions:

Adolescent Egocentrism

A characteristic of adolescent thought involving an increased focus on the self and a belief in the uniqueness of one's own feelings and experiences.

Intuitive Thinking

A cognitive process that enables a person to know something directly without analytic reasoning, bridging the gap between the conscious and nonconscious parts of our mind.

Analytic

Pertaining to or using analysis or logical reasoning.

Abstract

Relates to ideas or concepts that are not physically tangible, often requiring thought and imagination to understand.