What are the differences between common stock and preferred stock?

What will be an ideal response?

Common stockholders elect the members of the board of directors, but preferred stockholders are not eligible to vote in these elections. Preferred stock holders receive a fixed dividend set when the stock is issued while holders of common stock receive a dividend that fluctuates with the profitability of the corporation over time. Corporations suffering losses may decide to suspend paying dividends, but if the corporation does pay dividends, it must first pay the dividend promised to preferred stockholders before making any dividend payments to the common stockholders.