What is the primary characteristic of common stock?

The primary characteristic of common stock is that it provides shareholders with voting rights and potential dividends. Common stockholders typically have the right to vote on important company matters, including the election of the board of directors and other significant corporate decisions. This feature gives investors a voice in the governance of the company, aligning their interests with the overall direction and policies of the business.

Regarding dividends, while common stock does not guarantee dividends, shareholders may receive them based on the company's performance and the decision of the board. This potential for dividends, although variable and not assured, is an important aspect of investing in common stock, as it can contribute to the overall returns an investor may achieve.

The other options highlight characteristics that are not associated with common stock. For instance, guaranteed dividends are more characteristic of preferred stock, which has a higher claim on dividends and often receives payments before common stockholders. No voting rights would typically apply to preferred shareholders rather than common stockholders, and preferred stock is also prioritized during asset liquidation, which is not a feature of common stock. Thus, the key attributes of common stock revolve around voting rights and the possibility of dividends, making the chosen answer the most accurate reflection of its primary characteristics.