Math Test #4 (Vocabulary)

Mutually Exclusive

2 events A and B are ________ _________ if it is impossible for both events to occur at the same time.

Combination

A distinct group of objects without regard to their arrangement

Tree Diagram

A helpful method to determine a sample space is to construct a ____ _______.

Amoritization

A list containing the payment number, payment on interest, payment on principal, and the balance of the loan is called an _____________ schedule.

Sample Space

A list of all possible outcomes of an experiment is called a ______ _____.

Mortgage

A long-term loan in which the property is pledged as security for payment of the difference between the down payment and the sale price is known as a homeowners _______.

Event

A subcollection of the outcomes of the experiment

Sample

A subset of a population used by statisticians to make predictions about a population

Population

All items or people of interest in an experiment are collectively called a __________.

Annuity

An account into which, or out of which, a sequence of scheduled payments is made, is called an _______.

Sample Point

Each individual outcome in a sample space is called a ______ _____.

Independent Events

Event A and event B are ___________ ______ if the occurrence of either event in no way affects the probability of occurrence of the other event.

Counting Principle

If a 1st experiment can be performed in M distinct ways and a 2nd experiment can be performed in N distinct ways, then the 2 experiments in that specific order can be performed in MxN distinct ways.

Points

Interest prepaid by the buyer, which may be used to reduce the stated interest rate the lender charges, are known as ______.

Inferential Statistics

Making generalizations or predictions from the dated collected

Down Payment

The amount of cash the buyer must pay to the seller before the lending institution will grant the buyer a mortgage is known as the ____ _______.

Statistics

The art and science of gathering, analyzing, and making inferences (predictions) from numerical information obtained in an experiment

Descriptive Statistics

The collection, organization, and analysis of data

Expected Value

The expected gain or loss of an experiment over the long run is called the ________ _____.

Outcomes

The possible results of an experiment

Conditional Probability

The probability of event E2 occurring, given that an event E1 has happened (or will happen; the time relationship does not matter), is called a ___________ __________ and is written P(E2|E1)

Experiment

a controlled operation that yields a set of results.

Permutation

any ordered arrangement if a given set of objects.

Theoretical Probability

determined through a study of the possible outcomes that can occur for a given experiment

Compound Probability

problems containing the words OR or AND

Empirical Probability (experimental)

the relative frequency of occurrence of an event and is determined by actual observations of an experiment; used to predict something in the future by observing the past.

Equally Likely Outcomes

when each outcome of the experiment has the same chance of occurring as any other outcome.