Mathematics
What is 15 - 7?
8
What is 5! (5 factorial)?
120
5x4x3x2x1=120
What is the mode of the data set: 1, 2, 2, 3, 4?
2
What does an actuary do?
Analyzes financial risk using mathematics and statistics
What is the probability of rolling a 3 on a standard six-sided die?
1/6 or 0.16667
What is the term for a four-sided polygon?
Quadrilateral
What is the value of π (pi) to two decimal places?
3.14
What is the median of the data set: 5, 2, 9, 1, 7?
5
Name one industry where actuaries commonly work.
Insurance, finance, pensions, healthcare, etc.
What is the mean of the numbers 2, 4, 6, and 8?
5
Solve for x: 3x - 2 = 13.
x = 5
What is the sum of the first 10 natural numbers?
55
1+2+3+4+5+6+7+8+9+10 = 55
Define variance.
The average of the squared differences from the mean
What is the main goal of actuarial science?
To assess and manage risk
If a game costs $2 to play and the expected payout is $2.50, what is the expected value of playing the game?
$0.50 (The expected value is the payout minus the cost)
What is 15 squared?
225
Find the equation of a line parallel to y= 3x- 7
y= 3x + 6
parallel lines have the same slope (m)
What is a bell curve?
Another term for the normal distribution, which is symmetric and has a peak at the mean
What professional exams do aspiring actuaries need to pass?
Society of Actuaries (SOA) or Casualty Actuarial Society (CAS) exams
What is the 7th number in the Fibonacci sequence?
13 (The sequence is 0, 1, 1, 2, 3, 5, 8, 13...)
What is the square root of 169?
+/- 13
What is the value of sin(90°)?
1
What is the difference between descriptive and inferential statistics?
Descriptive statistics summarize data from a sample, while inferential statistics make predictions or inferences about a population based on a sample
Explain the concept of risk management.
The process of identifying, assessing, and prioritizing risks followed by coordinated efforts to minimize, monitor, and control the probability or impact of unfortunate events
If you invest $1,000 at an annual interest rate of 5%, how much will you have after one year?
1,050