If my wife and I share an iTunes account, will we be able to keep independent app data?

For example, if we both install a To Do List app, will we both be able to keep our own lists?
Is the data tied to the app backed up in our independent iCloud accounts and/or iTunes backups on our separate Macs?

Yes, with the credentials of the account that the media/content was purchased with.
Content is permanently tied to the account it is purchased with and cannot be merged, moved, or transferred to another account.

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