Esther bought one share of The Walt Disney Company stock for each of her grandchildren for Christmas. Each stock certifi

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Esther bought one share of The Walt Disney Company stock for
each of her grandchildren for Christmas. Each stock certificate had
the name of the owner printed on it and was decorated with the
Disney characters. Esther explained to the grandchildren that when
The Walt Disney Company had an annual meeting, the whole family
would go because each of them now owned a part of The Walt Disney
Company. The children were excited. When it was time to go to the
meeting they all drove to the Anaheim Convention Center together,
showed their proxy card to the door attendant and were admitted.
They were greeted by Disney characters and were able to pose with
them before taking their seats. During the meeting, the board of
directors was introduced, the president gave a speech, and each
director spoke about the area of The Walt Disney Company they were
in charge of and showed movies and PowerPoints about the financial
aspects of their area of responsibility. At the end of the meeting,
Esther and the children voted for the new president of the company,
a director, and approved the accounting firm. What kind of stock do
Esther and her grandchildren own in The Walt Disney Company?
a) common stock
b) Initial public offering
c) preferred stock
d) convertible stock