For each of the characteristics listed below, indicate whether it is more closely associated with ordi-

LO 3 Characteristics of Ordinary nary shares \((\mathrm{O})\) or with preference shares \((\mathrm{P}\) ).

1. Often receives dividends at a set rate 2. Is known as the residual equity of a company 3. Can be redeemable 4. Can be convertible 5. Amount of dividend more likely to vary from year to year 6. Can be entitled to receive dividends not paid in past years 7. Likely to have full voting rights 8. Receives assets first in liquidation 9. Generally receives dividends before other classes of shares