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The probability of getting both right the first time is easy: 0.25*0.25 = 0.625 or 6.25%
The probability of getting exactly one right is: either you get the 1st one right and miss the second, or vice versa. Thats 0.25*0.75 + 0.75*0.25 = 0.5*0.75 = 0.375 or 37.5%, so the probability of getting at least 50% is 0.375 + 0.0625 = 0.4375 or 43.75%, even without retries, so pretty good odds. The probability of missing both is 1 - 0.4375 = 0.5625 (or 0.75*0.75).
When you retry, there's two possibilities:
So, including a retry, you either:
So, probability of a passing grade is 75%. Not a very good test if it's so easy to pass by random guessing ;)