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1. Which of the following is not a characteristic of common stock? A. The company is obligated to make periodic dividend payments. B. Shareholders participate

1. Which of the following is not a characteristic of common stock? A. The company is obligated to make periodic dividend payments. B. Shareholders participate in the decision-making process. C. It represents an ownership interest in the company. D. Common stock is a residual claim on a firm's assets and cash flow.

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