Which of the following choices is a characteristic of preferred stock?

Preferred stock is generally characterized by the absence of voting rights. This means that shareholders of preferred stock typically do not have the right to vote on corporate matters, as common stockholders do. The primary purpose of preferred stock is to provide a fixed dividend, which is paid before any dividends are distributed to common stockholders.

While preferred stock usually has a stated dividend rate, this dividend is not necessarily guaranteed and is subject to the company's financial situation; thus, the claim that dividends are guaranteed is misleading. Additionally, the board of directors can choose whether or not to declare dividends, so shareholders cannot assume they will always receive the designated payouts. Hence, the distinction of not having voting rights is a key characteristic that sets preferred stock apart from common stock.