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12. To be financially compatible, it is helpful that spouses have similar a. financial goals
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b. spending and saving habits c. investment risk tolerance. d. All of the above 13. T F Being a co-signer is different than being a co-borrower because you do not own the item purchased with the borrowed funds. 14. “Community property” is a form of ownership that is almost exclusively used by: a. neighbors who own real estate jointly b. businesses with several investors c. siblings inheriting property d. married couples 15. Mary’s daughter Mindy is just starting out in business after completing a CTE course in organic farming. Mary wants her to have a nice place to live so she co-signed a one year apartment lease for Mindy. The next month Mindy decides to move to another state to pursue her dream of being an opera singer. The landlord asks Mary to pay up. Mary says “It’s not my problem! I don’t live there!” Who’s responsible for making the lease payments and in what proportion? _ ____________________________________________________________________ _ ____________________________________________________________________ 16. Mary also opened a credit card with Mindy so she could buy furniture for her new apartment. They are co-borrowers. Mindy charged $5000 on the credit card. Will this credit card and its balance show on Mary’s credit report? Who owns that furniture? _ ____________________________________________________________________ _ ____________________________________________________________________ 17. Rosie and her sister Posy inherited an apartment building from their grandmother. They are tenants-in-common. Rosie thinks managing the apartment is too much work. She would rather invest in the stock market. She wants to sell her interest. Can she do this without Posy’s consent? _ ____________________________________________________________________ _ ____________________________________________________________________ PRODUCT PREVIEW
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Chapter 16 | Share with Care! 326
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