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Know how many questions to expect in a section. There are about 500,000 buffalo in North America...and I expect to see each one of them at the next family reunion. (Uncle Abe, I'm looking at you.)

It’s Great to be Preferred…Stock

It’s Great to be Preferred…Stock

“You missed a lot in this section, Shmooge. Don’t you remember anything from the previous nine times you took the exam?”

“I guess not.”

Shmooge thought he heard a ghostly sigh before the Figure began speaking.

Preferred stock (which isn’t really debt – technically it is equity – but it pays a fixed dividend, which is similar to a fixed coupon on a bond), but it would have to come with conversion rights. That is, it could be converted into common stock at a given price over a g...

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