What point marks the purchase of common stock without a right to a declared dividend?

Question

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The ex-dividend date marks the point at which a purchase of common stock no longer entitles the buyer to a recently declared dividend. If a buyer purchases shares before this date, they are entitled to the dividend. But if they purchase shares on or after this date, the seller is entitled to the dividend. A) dividend payout date is the date on which the dividend is actually paid out to shareholders B) declaration date is the date on which the company announces the dividend. D) cut-off point and E) end of fiscal year are not directly related to common stock dividends.

What Point Marks the Purchase of Common Stock Without a Right