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QUESTION 12

Companies can issue different classes of common stock. Which of the following statements concerning stock classes is NOT CORRECT?

1. All common stocks, regardless of class, are treated as equity by law.
2. All firms can have at most twoclasses of common stock.
3. All common stock, regardless of class,have no bankruptcy protection.
4. Some class or classes of common stock are entitled to more votes per share than other classes.
5. Common stocks can be categorized in classes such as: A, B, and C.