Events A and B are independent if:

A. event A occurs, therefore event B cannot occur.

B. event B can occur only if event A occurs.

C. the probability of event A is equal to the conditional probability of event A given B.

D. the probability of event A is less than the conditional probability of event A given B.

For two independent events, if P(A)=3/8, and P(B)=8/9, what is P(A and B)?

A. 27/56

B. 1.317

C. 1/3

D. 46/100

When two or more events can occur concurrently, it is known as:

A. independent probability.

B. conditional probability.

C. joint probability.

D. the special rule of addition.

If P(A and B)=0.24 and P(A)=0.48, what is P(B|A)?

A. 0.1152

B. 0.5

C. 2.00

D. Not calculable without additional data.

A prior probability is assigned to an event:

A. to determine joint probability.

B. to determine subjective probability.

C. for conditional probability problems.

D. when using Bayes’ theorem.

A mortgage company has found that 2% of its mortgage holders default on their mortgage. Furthermore, 90% of those who default are late on at least two monthly payments over the life of their mortgage as compared to 45% of those who do not default. What is the probability that a mortgagee with two or more late monthly payments will default (using Bayes theorem)?

A. 0.018

B. 0.0226

C. 0.039

D. 0.441

What is eight factorial (8!) equal to?

A. 40,320

B. 5,040

C. 8,000

D. 7! * 1!

There are __________ permutations for selecting 6 items from a collection of 10 items.

A. 24

B. 210

C. 5,040

D. 151,200

What is the number of ways in which 7 items can be taken 4 at a time, without regard to order?

A. 35

B. 210

C. 840

D. 720

When selecting 4 of 9 possible candidates for a relay race, when specific order in the relay team matters, there are __________ possible team lineups.

A. 126

B. 630

C. 3,024

D. 15,210