ProbabilityMCQPYQ May 18Question 3270 of 187
All Questions

The term "chance" and probability are synonyms:

Options

ATrue
BFalse
CBoth
DNone of these
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Correct Answer

✅ Option a — True

All Options:

  • ATrue
  • BFalse
  • CBoth
  • DNone of these

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Detailed Solution & Explanation

**Are "Chance" and "Probability" Synonyms?** In everyday language and in the context of probability theory at the foundational level, "chance" and "probability" are used interchangeably. Both refer to the likelihood or possibility of an event occurring. - **Probability** is the mathematical measure of the likelihood of an event, ranging from 0 to 1. - **Chance** is the common term used for the same concept, often expressed as a fraction or percentage. For example: "The chance (probability) of getting a head when a coin is tossed is 12\displaystyle \frac{1}{2}." In the CA Foundation Mathematics curriculum, these terms are treated as synonyms. Hence, **Option A** is the correct answer.

About This Chapter: Probability

Paper

Paper 3: Quantitative Aptitude

Weightage

5-7 Marks

Key Topics

Probability Operations, Expected Value

A logic-heavy chapter dealing with random experiments, events (mutually exclusive, exhaustive), set theory probability, conditional probability, and Bayes' Theorem. It forms the basis for Theoretical Distributions.

View Official ICAI Syllabus

Exam Strategy Tip

Always draw a quick Venn Diagram or tree when faced with 'At least one' or 'Only A but not B' wording. It saves you from double-counting.

Key Concepts to Understand

Probability

A numerical measure of the likelihood of an event occurring, expressed as a number between 0 (impossible) and 1 (certain). Formula: P(A) = Number of favorable outcomes / Total number of equally likely outcomes.

More Questions from Probability

If P(A)=12\displaystyle P(A) = \frac{1}{2}, P(B)=13\displaystyle P(B) = \frac{1}{3}, P(A∩B)=14\displaystyle P(A \cap B) = \frac{1}{4}, then the value of P(A′∪B′)\displaystyle P(A' \cup B') is

Two dice are thrown simultaneously. Find the probability that the sum of digits on the two dice would be 8 or more.

A number is selected from the first 20 natural numbers. Find the probability that it would be divisible by 3 or 7.

A father had three sons namely, Kailash, Harish and Prakash. All are above 65 years in age. Prakash happens to be the eldest while Kailash as youngest. As per the health history, it is estimated that the probability that Kailash survives another 5 years is 45\displaystyle \frac{4}{5}, Harish survives another 5 years is 35\displaystyle \frac{3}{5} and Prakash survives another 5 years is 12\displaystyle \frac{1}{2}. The probabilities that Kailash and Harish survive another 5 years is 0.46, Harish and Prakash survive another 5 years is 0.32 and Kailash and Prakash survive another 5 years is 0.48. The probability that all three sons survive another 5 years is 0.26. What shall be the probability that at least one of them survives another 5 years?

In a class, there are 15 boys and 10 girls. Three students are selected at random. The probability that 1 girl and 2 boys are selected is

Two cards are drawn from a pack of 52 cards. The probability that one is a spade and one is a heart; is

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