Which of the Following Statements About Preferred Stock Is False

Which of the following statements about preferred stock is false?

A) Preferred stock has a higher-priority claim on the firm's assets than common stock.
B) Failure to pay dividends will result in default.
C) Preferred stock has a lower-priority claim on the firm's assets than the firm's creditors in the event of default.
D) Preferred stock typically pays a fixed dividend.