Both Statement I and Statement II are incorrect
Statement I is correct but Statement II is incorrect
To determine the correctness of the statements, we need to individually evaluate both Statement I and Statement II based on logical reasoning and simple mathematical principles.
Statement I claims that you have a bag containing 10 white and 10 red face masks, mixed up together. The question is, what is the smallest number of face masks you need to take from the bag without looking to ensure you get a pair of the same color?
Therefore, the fewest number of face masks you must take to ensure a pair of the same color is indeed 3, which makes Statement I correct.
Statement II states that the minimum number of students needed in a class to guarantee that at least 6 students have birthdays in the same month is 61.
There are 12 months in a year, and to find the maximum number of students that can have birthdays spread over the 12 months without having at least 6 in one month, consider assigning 5 students to each month: 5 students ≤ 12 months = 60 students.
If we add even one more student making it 61 students, at least one of the months must have 6 students (by the pigeonhole principle). Hence, Statement II is correct.
Both statements are correct because they logically and correctly describe their respective scenarios.
The probability of hitting the target by a trained sniper is three times the probability of not hitting the target on a stormy day due to high wind speed. The sniper fired two shots on the target on a stormy day when wind speed was very high. Find the probability that
(i) target is hit.
(ii) at least one shot misses the target. 
Smoking increases the risk of lung problems. A study revealed that 170 in 1000 males who smoke develop lung complications, while 120 out of 1000 females who smoke develop lung related problems. In a colony, 50 people were found to be smokers of which 30 are males. A person is selected at random from these 50 people and tested for lung related problems. Based on the given information answer the following questions: 
(i) What is the probability that selected person is a female?
(ii) If a male person is selected, what is the probability that he will not be suffering from lung problems?
(iii)(a) A person selected at random is detected with lung complications. Find the probability that selected person is a female.
OR
(iii)(b) A person selected at random is not having lung problems. Find the probability that the person is a male.
Venture Capital financing is _______
(A) Type of financing by venture capital.
(B) It is private equity capital provided as seed funding to early stage.
(C) Investment in blue chip companies for assured return.
(D) It is a high risk investment made with an intention of creating high returns.
(E) Done in technology projects only.
Choose the correct answer from the options given below :