FBQ1: If A and B are independent events with Pr(A) = 0.05 and Pr(B) = 0.65. Then Pr(A/B) gives… Answer: 0.325 FBQ2: The conditional probability of B given A is represented by… Answer: Pr(A/B) FBQ3: A die is rolled once; the probability of getting an odd number is….… Answer: ½ FBQ4: A die is rolled once, the probability of getting an even number is….… Answer: ½ FBQ5: ………… is a probability model that establishes abstract relationship between the events of a random experiment, and as such, could be used in calculating their probabilities   Answer: Axiomatic probability FBQ6: … is a probability rule that describes how personal opinion evolves with experience. Answer: Baye’s rule FBQ7: … probability is a model for quantifying the strength or personal options Answer: Bayesian FBQ8: If S = {1,2, 3, 4, 5, 6}. The probability of getting a number less than 6 is…  Answer: 5/6 FBQ9: The set of all possible subset of a sample space is called the ……… Answer: event space FBQ10: The ………….of an event A is the event that A does not occur, and thus consist of all those elements in the sample space that are not in A.   Answer: Complement FBQ11: Let P = {x . P is even}, Q = {x . Q is odd). Then P n Q = φ, which implies … Answer: P and Q are mutually exclusive FBQ12: An event that must happen is called… Answer: sure event FBQ13: In tossing a die- T = {x . 1 < x < 6} is a/an … event Answer: Sure FBQ14: A set M is said to be … of A and B, if the elements of M are the elements common to both A and B Answer: Intersection FBQ15: The set of all possible outcomes is called… Answer: sample space FBQ16: The elements of sample space are called ……. Answer: Events FBQ17: … is an experiment which the outcome is unpredictable Answer: Random experiment FBQ18: If A is an (m x n) matrix and k is a real number (or scalar), then kA is … multiplication Answer: Scalar FBQ19: A publishing company finds that the cost of publishing each copy of a magazine is N0.38. The revenue from dealers of the magazine is N0.35 per copy. The advertising revenue is 10% of the revenue received from dealers for all copies sold beyond10,000 units. The least number of copies which must be sold so as to have a positive profit will be……. Answer: 70,001 FBQ20: The current ratio of any business organisation is the ratio of its current assets to its current liabilities. The Managing Director of ACE Equipment Co. has decided to obtain a short-term loan to build up inventory. The company has current assets of N350, 000 and current liabilities of N80, 000. How much can the Managing Director borrow if the company‘s current ratio must be not less than 2.5… Answer: N100, 000 FBQ21: A function f, is said to be a linear function if f(x) can be written in a form…   Answer: f(x)=ax+b FBQ22: A system of equations with two or more unknown is known as a … Answer: simultaneous equation FBQ23: The present value of a 5 year annuity with nominal annual interest rate 12% and monthly payments of N100 is… Answer: N4, 495.50 FBQ24: Deposits in savings, rent or lease payments, and insurance premiums are examples of ………. due Answer: Annuities FBQ25: A rectangular array of numbers arranged in rows and columns is called ____ Answer: Matrix FBQ26: The final value of a 7 year annuity-due with nominal annual interest rate 9% and monthly payments of N100 is…   Answer: N11, 730.01 FBQ27: ………. is an annuity for which the payments continue forever Answer: Perpetuity FBQ28: …………. is a fixed annuity that offers a guarantee that you can never receive less than 100% of your investment — no penalties or fluctuations in the interest rate market can impact your principal should you surrender . Answer: Guaranteed Return Annuities FBQ29: ……. is a contract between you and an issuer whereby you agree to give the issuer principal and in return the issuer guarantees you variable payments over time Answer: A variable annuity FBQ30: ……….. involves with the optimization (maximization or minimization) of a function of variables known as objective function, subject to a set of linear equations and/or inequalities known as constraints. Answer: Linear programme FBQ31: … relates to a category of problems wherein the final product has a number of different components assembled together Answer: Assembly-line balancing FBQ32: …….. allow you to withdraw either your interest earnings or up to 15% per year without a penalty Answer: No-surrender annuities FBQ33: … is the movement of money into or out of a business, project, or financial product   Answer: Cash flow FBQ34: Measurement of cash flow can be used for calculating other parameters that give information on a company's ………… and ………….. Answer: value and situation FBQ35: ………… shows the amount of cash generated and used by a company in a given period Answer: Statement of cash flow FBQ36: Hammett, Inc. has sales of N19,570, cost of N9460, depreciation expense of N2,130, and interest expense of N1620. If the tax rate is 35 per cent, the operating cash flow is … Answer: Statement of cash flow FBQ37: …….. is most often defined as operating cash flow minus capital expenditures, which, in analytical terms, are considered to be an essential outflow of funds to maintain a company's competitiveness and efficiency Answer: Free cash flow FBQ38: A fund into which a company sets aside money over time, in order to retire its preferred stock, bonds or debentures is called………. Answer: Sinking fund FBQ39: ……….. is a fund established by an economic entity by setting aside revenue over a period of time to fund a future capital expense, or repayment of a long-term debt. Answer: Sinking fund FBQ40: A company wishes to spend N40000 for new equipment and decides to set up a sinking fund to accumulate this money over a 3 – year period. If payments are to be made to the fund quarterly, with interest compounded quarterly at an annual rate of 5%, how large should the payments be? … Answer: N3,110.42 FBQ41: Interest that is computed on the principal alone is called …………… Answer: simple interest FBQ42: Suppose you have to pay simple interest at a rate of %5 per year on a 2-year loan of N300. The interest charged will be 300(0.05)(2) = N30 and the total amount owed at the end of the 2-year period will be… Answer: N330 FBQ43: Interest that is computed on the previously accumulated interest as well as on the principal is called………. Answer: compound interest FBQ44: Suppose you invest N2000 at an annual interest rate of % 6. The balance at the end of 1 year if interest is compounded yearly is…  Answer: N2, 120 FBQ45: Suppose you invest N2000 at an annual interest rate of % 6. The balance at the end of 1 year if interest is compounded semi-annually is… Answer: N2, 122.73 FBQ46: … are a way for markets and participants to easily transfer the ownership of debt obligations from one party to another… Answer: Debt instruments FBQ47: The rate of interest that a bond pays to the bondholder is called ……………. Answer: the coupon rate FBQ48: … is the stated annualized interest rate that the bond issuer is contractually obligated to pay to the bondholder Answer: The coupon rate FBQ49: …. has a coupon rate that is pegged to a benchmark, such as libor, and is adjusted periodically   Answer: A floating rate bond FBQ50: …………. involve the selection of advertising mix among different advertising media such as T.V., radio, magazines and newspapers that will maximize public exposure to company‘s product Answer: Media selection problem MCQ1: If every element which belongs to A also belongs to B and if every element which belongs to B also belongs to A, then the sets A and B are Answer: Equal MCQ2: Let A = {1, 2, 3, 4} and B = {3, 1, 4, 2}, then Answer: A = B MCQ3: Let E={x | x²–3x = -2}, F={2,1} and G ={1,2,2, 1}. Which of the following is true? Answer: E= F= G MCQ4: A set which contains no elements is called …. Answer: a null set MCQ5: Let A be the set of people in the world who are older than 200 years. According to known statistics A is  Answer: a null set MCQ6: Let G = {x | x is even}, and let F = {x | x is a positive power of 2}, then Answer: F⊂G MCQ7: Let R = {a, b} and S = {b, c, d}. Then Answer: R and S are not comparable MCQ8: In any application of the theory of sets, all the sets under investigation will likely be subsets of a fixed set. We call this set  Answer: universe of discourse MCQ9: The family of all the subsets of any set S is called Answer: the power set of S MCQ10: Let M = {a,b}, Then 2M is Answer: {{a, b}, {a}, {b}, ∅} MCQ11: If sets A and B have no elements in common, then we say that A and B are Answer: Disjoint MCQ12: Let P(x) be any statement and let A be any set. Then there exists a set: B= {a|a ∈ A,P (a) is true}. The statement represents the Answer: axiom of specification MCQ13: In set theory, the denotation A∪B is usually read Answer: A union B MCQ14:  Let P be the set of positive real numbers and let Q be the set of negative real numbers. The union of P and Q, consist of all the real numbers except Answer: 0 MCQ15: ………. is the set of elements which are common to A and B, that is, those elements which belong to A and which belong to B. Answer: The intersection of sets A and B MCQ16: Let S = {a, b, c, d} and T = {f, b, d, g}. Then S∩T is Answer: {b, d}  MCQ17: If A and B are disjoint, then the intersection of A and B is Answer: Null MCQ18: …sets A and B is the set of elements which belong to A but which do not belong to B. Answer: The difference of sets A and B MCQ19: Let R be the set of real numbers and let Q be the set of rational numbers. The A/B consist of … Answer: irrational numbers MCQ20:  The sets (A – B), A∩B and (B – A) are mutually disjoint implies…  Answer: the intersection of any two is the null set MCQ21: The difference of the universal set U and A is termed the… Answer: complement of A MCQ22: Let E = {2, 4, 6, ...}. What is the compliment of the set E?  Answer: the odd numbers MCQ23: The … are those real numbers, which can be expressed as the ratio of two integers. Answer: rational numbers MCQ24:  Examples of irrational numbers are… Answer: π, 2, 3,…  MCQ25:  The real number a is less than the real number b if …  Answer: b – a is a positive number MCQ26: Given A1 = {x: 2 < x < 5}, A2 = {x: 2 ≤ x ≤ 5}, A3 = {x: 2 < x ≤ 5} A4 = {x:2 ≤ x < 5}. Which of the statement is true Answer: A1 is an open interval , A2 is a closed interval, A3 and A4 are open-closed and closed-open  MCQ27:  Set of the form A = {x:x > 1} B = {x: x > 2 } , C = {x: x < 3} are called  Answer: infinite intervals MCQ28: Set A is bounded if there exists a positive number M such that Answer: x≤M MCQ29:  Let f:A→B, which reads ―f is a function of A onto B. The set A and B are called the… Answer: domain and codomain MCQ30:  Let f assign to each real number its square, that is, for every real number x let f(x) =x2. The domain and co-domain of f are Answer: both the real numbers MCQ31: If the domain and co-domain of a function are both the same set, then f is frequently called  Answer: an operator or transformation on A MCQ32: If f and g are functions defined on the same domain D and if f (a) = g (a) for every a ∈D, then the functions f and g are  Answer: equal MCQ33:  Let f (x) = x2 where x is a real number. Let g(x) = x2 where x is a complex number. Which of the statement is true  Answer: the function f is not equal to g since they have different domains MCQ34: Let the function f:R→R be defined by the formula f(x) = x2. Then the range of f consists of ……………. Answer: the positive real numbers and zero MCQ35: f: A → B is ….. if f(a) = f(a‘) implies a = a` or, equivalently, a = a` implies f(a)≠ f(a`). Answer: injective functions MCQ36: Let f map A into B. Then f is called a … if different elements in B are assigned to different elements in A.  Answer: injective functions MCQ37: Let the function f:R→R be defined by the formula f(x) = x2. Then f is Answer: not a one-one function MCQ38: Let the function f:R→R be defined by the formula f(x) = x3. Then f is  Answer: not a one-one function MCQ39: Let f be a function of A into B. If every member of B appears as the image of at least one element of A, then we say the function f is Answer: identity functions MCQ40: Let A be any set. If f assign to each element in A the element itself, then f is called  Answer: constant function MCQ41:  A function f of A onto B is called a … if the same element of b∈B is assigned to every element in A. Answer: surjective functions MCQ42:  Let f be a function of A into B, and let b∈B.Then, f -1 (b) = {x: x∈ A; f(x) = b} defines… Answer: inverse functions MCQ43:  … are essentially a series or fixed payments required from you or paid to you at a specified frequency over the course of a fixed time period. Answer: Annuities MCQ44:  … are primarily used as a means of securing a steady cash flow for an individual during their retirement years Answer: Annuities MCQ45: Straight bonds usually pay coupon payments at the end of every six months until the bonds maturity date is an example of…  Answer: ordinary simple interest MCQ46: Payments that are required at the beginning of each period denotes… Answer: Annuity Due MCQ47: The valuation of an annuity entails concepts such as … Answer: time value of money, interest rate, and future value MCQ48: Mortgage payments are Answer: annuity-immediate MCQ49: If the original principal is p Naira and if the interest is compounded annually at the rate of r per year, then at the end of the first year the new principal will be …  Answer: p(1+r) MCQ50: The general formula for compound interest is given as………  Answer: p(1+i)n