Match each description 1 through 6 with the characteristic of preferred stock that it best describes by Exercise I I -4 writing the letter of the characteristic in the blank next to each description.

A. Callable B. Convertible C. Cumulative preferred stock D. Noncumulative E. Nonparticipating F. Participating

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1. Holders of the stock are not entitled to receive dividends in excess of the stated rate. 2. Holders of the stock lose any dividends that are not declared in the current year. 3. Holders of the stock are entitled to receive current and all past dividends before com- mon stockholders receive any dividends. 4. Holders of this stock can exchange it for shares of common stock. 5. The issuing corporation can retire the stock by paying a prespecified price. 6. Holders of the stock can receive dividends exceeding the stated rate under certain conditions.