根据STOCK文章里的内容，比较Common vs. Preferred Stock，Stocks vs. Bonds。

Read the article below about Common Stock and Preferred Stock and the questions. For each question 13-— 18, mark one letter A, B, C or D on your Answer Sheet.

Common Stock and Preferred Stock

A public corporation issues certificates of ownership, called common stock, which may be traded on stock exchanges. Anyone can buy and sell shares of common stock. Owners of stock are referred to as shareholders and stockholders. Common stockholders are accorded certain rights by the corporate charter. In the United States, these rights vary from state to state, but in general the articles of incorporation spell out voting rights and rights to receive profits.

Common stockholders are the voting owners of a corporation. They are usually entitled to one vote per share. They may vote on numerous affecting the corporation (including a decision to sell or merge with anther corporation)and elect a board of directors, who, in turn , hire managers to run the business. A majority shareholder is one who owns over 50 percent of the outstanding shares in a corporation and, thus, can call the shots. All other shareholders are minority shareholders. In large corporations no single person or organization owns anywhere near a majority interest. In large, publicly owned corporations a shareholder with as little as 10 percent of the shares may control the corporation effectively. If things go badly, a coalition of so called dissident shareholders may gather enough votes to replace the existing board of directors; the new board may fire the existing management and bring in their own management team.

Although common stock represents ownership in a company, it does not guarantee the owners a specified rate of return. As owners, the stockholders receive profits after all expenses, including debts and taxes, have been paid. They receive profits from the business in the form. of dividend payments, which represent a percentage of profits. Not all after-tax profits are paid to the stockholders in dividends. Directors usually decide quarterly how much, if any, if the profits they wish to distributed to the owners. The profits are either distributed to the owners in dividends or they are reinvested bank into the company in the form. of retained earnings. If the company decides to keep the profits, the company may become more valuable and the price of the stock usually goes up. Some investors prefer profits in the way of dividends while others speculate for an increase in the price of stock. If a company goes broke, common stockholders get last claim on whatever is left over.

Corporations may also issue preferred stock to investors. Preferred stock usually has no vote in the election of the board of directors, but does get preference in the distribution of the company's earnings. It offers investors a different type of security and may be issued only after common stock had been issued. The term" preferred" applies to two conditions. First, preferred stockholders gain preferential treatment in the matter of dividends; That is, they receive a fixed rete of dividends prior to the payment of dividends on common shares. Second, if the company goes out of business or liquidates, preferred stockholders are closer to the front of the line than common stockholders when distributing the company's assets.

Dividends to preferred stock may be cumulative or noncumulative. Cumulative preferred stock maintained its claim to dividends even if the company had a bad year in 1994, they might decide not to pay dividends. But if they had a good year in 1995, and declared stock dividends do not accumulate. If dividends are not declared, noncumulative owners lose their claim to the profit of that period.

All in all, common stock usually has more control through voting privileges, greater chance for high returns, and more risk, while preferr

A．the returns to common stockholders

B．the majority and minority stockholders

C．the voting rights of common stockholders

D．the formation of common stock

?Read the article below about Common Stock and Preferred Stock and the questions.

?For each question 13～18,mark one letter A, B, C or D on your Answer Sheet.

Common Stock and Preferred Stock

A public corporation issues certificates of ownership, called common stock, which may be traded on stock ex changes. Anyone can buy and sell shares of common stock. Owners of stock are referred to as shareholders and stockholders. Common stockholders are accorded certain rights by the corporate charter. In the United States, these rights vary from state to state, but in general the articles of incorporation spell out voting rights and rights to receive profits.

Common stockholders are the voting owners of a Corporation. They are usually entitled to one vote per share. They may vote on numerous affecting the corporation (including a decision to sell or merge with anther corporation) and elect a board of directors, who, in turn, hire managers to run the business. A majority shareholder is one who owns over 50 percent of the outstanding shares in a corporation and, thus, can call the shots. All other shareholders are minority shareholders. In large corporations no single person or organization owns anywhere near a majority interest. In large, publicly owned corporations a shareholder with as little as 10 percent of the shares may control the corporation effectively. If things go badly, a coalition of so called dissident shareholders may gather enough votes to replace the existing board of directors; the new board may fire the existing management and bring in their own management team.

Although common stock represents ownership in a company, it does not guarantee the owners a specified rate of return. As owners, the stockholders receive profits after all expenses, including debts and taxes, have been paid. They receive profits from the business in the form. of dividend payments, which represent a percentage of profits. Not all after-tax profits are paid to the stockholders in dividends. Directors usually decide quarterly how much, if any, if the profits they wish to distributed to the owners. The profits are either distributed to the owners in dividends or they are reinvested bank into the company in the form. of retained earnings. If the company decides to keep the profits, the company may become more valuable and the price of the stock usually goes up. Some investors prefer profits in the way of dividends while others speculate for an increase in the price of stock. If a company goes broke, common stockholders get last claim on whatever is left over.

Corporations may also issue preferred stock to investors. Preferred stock usually has no vote in the election of the board of directors, but does get preference in the distribution of the company's earnings. It offers investors a different type of security and may be issued only after common stock had been issued. The term "preferred" applies to two conditions. First, preferred stockholders gain preferential treatment in the matter of dividends) That is, they receive a fixed fete of dividends prior to the payment of dividends on common shares. Second, if the company goes out of business or liquidates, preferred stockholders are closer to the front of the line than common stockholders when distributing the company's assets.

Dividends to preferred stock may be cumulative or noncumulative. Cumulative preferred stock maintained its claim to dividends even if the company had a bad year in 1994, they might decide not to pay dividends. But if they had a good year in 1995, and declared stock dividends do not accumulate, If dividends are not declared, noncumulative owners lose their claim to the profit of that period.

All in all, common stock usually has more control through voting privileges, greater chance for high ret

A．the returns to common stockholders

B．the majority and minority stockholders

C．the voting rights of common stockholders

D．the formation of common stock

?Read the article below about common stock and preferred stock.

?For each question 13-18, mark one letter (A, B, C or D) on your Answer Sheet, for the answer you choose.

Common Stock and Preferred Stock

A public corporation issues certificates of ownership, called common stock, that may be traded on stock exchanges. Anyone can buy and sell shares of common stock. Owners of stock are referred to as shareholders and stockholders. Common stockholders are accorded certain rights by the corporate charter. In the United States, these rights vary from state to state, but in general the articles of incorporation spell out voting rights and rights to receive profits.

Common stockholders are the voting owners of a corporation. They are usually entitled to one vote per share. They may vote on numerous decisions affecting the corporation (including a derision to sell or merge with another corporation) and elect a board of directors, who, in turn, hire managers to run the business. A majority shareholder is one who owns over 50 percent of the outstanding (issued) shares in a corporation and, thus, can call the shots. All other shareholders are minority shareholders. In large corporations no single person or organization owns anywhere near a majority interest. In large, publicly owned corporations a shareholder with as little as 10 percent of the shares may control the corporation effectively. If things go badly, a coalition of so called dissident shareholders may gather enough votes to replace the existing board of directors; the new hoard may fire the existing management and bring in their own management team.

Although common stock represents ownership in a company, it does not guarantee the owners a specific rate of return. As owners, the stockholders receive profits after all expenses, including debts and taxes, have been paid. They receive profits from the business in the form. of dividend payments, which represent a percent-age of profits. Not all after-tax profits are paid to the stockholders in dividends. Directors usually deride quarterly how much, if any, of the profits they wish to distribute to the owners. The profits are either distributed to the owners in dividends or they are reinvested back into the company in the form. of retained earnings. If the company decides to keep the profits, the company may become more valuable and the price of the stock usually goes up. Some investors prefer profits in the way of dividends while others speculate for an increase in the price of stock. If a company goes broken, common stockholders get last claim on whatever is left over.

Corporations may also issue preferred stock to investors. Preferred stock usually has no vote in the election of the bard of directors, but does get preference in the distribution of the company's earnings. It offers investors a different type of security and may be issued only after common stock has been issued. The term "preferred" applies to two conditions. First, preferred stockholders gain preferential treatment in the matter of dividends; that is, they receive a fixed rate of dividends prior to the payment of dividends on common shares. Second, if the company goes out of business or liquidates, pregerred stockholders are closer to the front of the line than common stockholders! when distributing the company's assets.

Dividends to preferred stock may be cumulative or noncumulative. Cumulative preferred stock maintains its claim to dividends even if the company decides not to pay them. For instance, if the company had a bad year in 1994, they might decide not to pay dividends. But if they had a good year in 1995. noncumulative preferred stock dividends do not accumulate. If dividends are not declared, noncumulative owners lose their claim to the profit of tha

A．the voting rights the stockholders have

B．the stock shared by common people

C．the profits the shareholders receive

D．the ownership of a public corporation

—Read the article below about Common Stock and Preferred Stock and the questions.

—For each question 13-18,mark one letter A, B, C or D on your Answer Sheet.

Common Stock and Preferred Stock

A public corporation issues certificates of ownership, called common stock, which may be traded on stock ex changes. Anyone can buy and sell shares of common stock. Owners of stock are referred to as shareholders and stockholders. Common stockholders are accorded certain rights by the corporate charter. In the United States, these rights vary from state to state, but in general the articles of incorporation spell out voting rights and rights to receive profits.

Common stockholders are the voting owners of a Corporation. They are usually entitled to one vote per share. They may vote on numerous affecting the corporation (including a decision to sell or merge with anther corporation) and elect a board of directors, who, in turn, hire managers to run the business. A majority shareholder is one who owns over 50 percent of the outstanding shares in a corporation and, thus, can call the shots. All other shareholders are minority shareholders. In large corporations no single person or organization owns anywhere near a majority interest. In large, publicly owned corporations a shareholder with as little as 10 percent of the shares may control the corporation effectively. If things go badly, a coalition of so called dissident shareholders may gather enough votes to replace the existing board of directors; the new board may fire the existing management and bring in their own management team.

Although common stock represents ownership in a company, it does not guarantee the owners a specified rate of return. As owners, the stockholders receive profits after all expenses, including debts and taxes, have been paid. They receive profits from the business in the form. of dividend payments, which represent a percentage of profits. Not all after-tax profits are paid to the stockholders in dividends. Directors usually decide quarterly how much, if any, if the profits they wish to distributed to the owners. The profits are either distributed to the owners in dividends or they are reinvested bank into the company in the form. of retained earnings. If the company decides to keep the profits, the company may become more valuable and the price of the stock usually goes up. Some investors prefer profits in the way of dividends while others speculate for an increase in the price of stock. If a company goes broke, common stockholders get last claim on whatever is left over.

Corporations may also issue preferred stock to investors. Preferred stock usually has no vote in the election of the board of directors, but does get preference in the distribution of the company's earnings. It offers investors a different type of security and may be issued only after common stock had been issued. The term "preferred" applies to two conditions. First, preferred stockholders gain preferential treatment in the matter of dividends) That is, they receive a fixed fete of dividends prior to the payment of dividends on common shares. Second, if the company goes out of business or liquidates, preferred stockholders are closer to the front of the line than common stockholders when distributing the company's assets.

Dividends to preferred stock may be cumulative or noncumulative. Cumulative preferred stock maintained its claim to dividends even if the company had a bad year in 1994, they might decide not to pay dividends. But if they had a good year in 1995, and declared stock dividends do not accumulate, If dividends are not declared, noncumulative owners lose their claim to the profit of that period.

All in all, common stock usually has more control through voting privileges, greater chance for high retur

A．the returns to common stockholders

B．the majority and minority stockholders

C．the voting rights of common stockholders

D．the formation of common stock

Common stock car be distinguished from preferred stock by its feature of______.

A．denoting ownership

B．denoting indebtedness

C．tax-exemption status

D．variable income payments

Preferred stocks are similar to ___ in that they have stated face values and a specified dividend payment.

A.dividends

B.bonds

C.stocks

D.futures

According to the passage, preferred stockholders are guaranteed ______.

A．a voting rate per share

B．a promise to buy back the stocks made by the company

C．a withdrawal of investment principal in time of liquidation

D．a fixed dividend receipt

优先股(preferred stock)

Preferred stockholders receive______.

A．coupon payments

B．fixed dividend payments

C．variable dividend payments

D．payment in the form. of additional stock