Which of the following is NOT a characteristic of common stocks?

Common stocks are financial instruments that represent ownership in a company, and they come with specific characteristics that distinguish them from other types of investments. One key aspect of common stocks is the potential for high returns, as they allow investors to benefit from the company's growth and share in its profits through capital appreciation and dividends. Additionally, common stockholders typically possess voting rights, enabling them to participate in shareholder meetings and influence corporate policy decisions.

However, one defining characteristic of common stocks is the absence of fixed income payments. Unlike bonds or fixed income securities that provide regular, predetermined interest payments, common stocks are inherently variable. They do not guarantee fixed dividends; instead, dividends are declared at the discretion of the company's board of directors and can fluctuate based on the company's performance and profitability.

Thus, the option referring to fixed income payments does not align with the fundamental nature of common stocks, making it the correct answer to identify what is NOT a characteristic of common stocks.