Any unpaid dividends that must be paid before payment of dividends to ordinary shareholders are called _________ preference shares.

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Cumulative preference shares are those that have a right to receive their unpaid dividends before any dividends are paid to ordinary shareholders. This means that if the company cannot pay dividends for some reason, the unpaid amount accumulates and must be paid in later periods before ordinary shareholders can receive their dividends. Participating preference shares are those that have the right to receive additional dividends beyond their fixed dividend rate if the company's profits exceed a certain level. Non-cumulative preference shares are those that do not have the right to receive unpaid dividends in later periods if the company cannot pay dividends in the current period. Secured shares are those that are backed by some form of collateral.

Any Unpaid Dividends That Must Be Paid Before Payment of Dividends