OQ5.10. How does one calculate an expected value?

OQ5.11. What is variance and standard deviation? How are they defined? Explain how the basic expected value concept relates to variance. Variance is the expected value of what?

OQ5.12. What is expected return? How is it defined? Explain how the basic expected value concept relates to expected return. Given this intuition, are expected return and variance essentially the same basic logic in the sense that they are both the expected value of something?