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According to a recent study on financial roles, one-third of [#permalink]
19 Jun 2011, 18:40
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A
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C
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E
Difficulty:
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Question Stats:
69% (02:53) correct
31% (02:01) wrong based on 487 sessions
According to a recent study on financial roles, one-third of high school seniors say that they have “significant financial responsibilities.” These responsibilities include, but are not limited to, contributing to food, shelter, or clothing for themselves or their families. At the same time, a second study demonstrates that a crisis in money management exists for high school students. According to this study, 80% of high school seniors have never taken a personal finance class even though the same percentage of seniors has opened bank accounts and one-third of these account holders has bounced a check.
Which of the following conclusions can be properly drawn from the statements above?
a)High schools would be wise to incorporate personal finance classes into their core curricula.
b)At least one-third of high school seniors work part-time jobs after school.
c)The number of high school seniors with significant financial responsibilities is greater than the number of seniors who have bounced a check.
d)Any high school seniors who contribute to food, shelter, or clothing for themselves or their families have significant financial responsibilities.
e)The majority of high school students have no financial responsibilities to their families.
iam cofused betweeen (A) and (C) reason:ps bible says that from %age info we cannot make any conclusion about absolute values.So, c cannot be correct.Also ,(c) assumes that sample size of both surveys are the same which need not be true ,in that case again(c) seems to be doubtful
Re: mgmat cr-statistics+conclusion [#permalink]
19 Jun 2011, 20:52
A is enticing but C can be concluded with more certainty.
While incorporating a pers. fin. class in the core curricula might help we don't know for sure if that class will really help in reducing bounced checks.
C can be concluded because if we assume X to be the total number of students, then we know that 1/3*X have high financial responsibility. However, numb of students with a bounced check = 1/3*(.8X), since only 80% of the students have a bank a/c and out of that one third accounts have a bounced check.
therefore we can conclude that X/3 > .8X/3. Hence Ans =C
Yes, you cannot make conclusions about absolut values from %ages, for instance if i was saying that 30 % of X is more than 20 % of Y, I am not justified. But what if i am saying 30 % of X is more than 20 % of X. That will always be true, right? regardless of the value of X it's 30 % would always be more than its 20 %. Also 30 % of X would be less than 30 % of Y, if I know X is less than Y. C compares number of students who say they have financial responsibilities (1/3rd of total) to number of students who have accounts( 80% of total) AND have bounced a cheque (1/3rd of account holder i.e. 1/3rd of 80 % of Total) We are sure that 1/3 (T) > 1/3 (80%) (T) Thus we can draw C as a conclusion wuithout any doubt COming to the query about sample size: Sample size doesnt matter. The studies are not saying that 1/3rd of THEIR SAMPLE or 80 % of their SAMPLE- The study is talking about the total number of high school students and presenting data about them. The sample sizes use to draw these conclusions are as irrelevant to the question as the technique of survey! Thus C is correct option. Why A is wrong is that it is making a judgment/giving an opinion based only on assertions given in the premises.Even if we can infer from the study that students lack personal finance skills, how can we say that incoporating them in the curricula will make students adopt this sunject, learn from it, use these skills in daily life..lot of ifs. Therefore not a watertight conclusion
Re: mgmat cr-statistics+conclusion [#permalink]
12 Aug 2011, 18:52
dreambeliever wrote:
A is enticing but C can be concluded with more certainty.
While incorporating a pers. fin. class in the core curricula might help we don't know for sure if that class will really help in reducing bounced checks.
C can be concluded because if we assume X to be the total number of students, then we know that 1/3*X have high financial responsibility. However, numb of students with a bounced check = 1/3*(.8X), since only 80% of the students have a bank a/c and out of that one third accounts have a bounced check.
therefore we can conclude that X/3 > .8X/3. Hence Ans =C
But we should note that the two results came from two researches which only took sample of the whole students in the school. Do they ensure that number of students in the first result is equal to that in the other. We should be careful with percentage and number which GMAT often plays trick on. That is why I got stuck with this question. I am not sure this question would appear on the real test...
Re: According to a recent study on financial roles, one-third of [#permalink]
26 Dec 2011, 20:20
According to a recent study on financial roles, one-third of high school seniors say that they have “significant financial responsibilities.”
According to this statement from the argument, the first study focuses on the high school students in general. So we have to consider all the high school students, not just a specific group.
At the same time, a second study demonstrates that a crisis in money management exists for high school students.
Now, this second study also talks about the same high school students. I think we can safely infer that the number of students being spoken about is the same because there is no distinction made in the argument about the number of students in either study. Both the studies are referring to ALL the high school students in general. The overall strength of all high school students should be taken into consideration.
Taking this into consideration, I think it is pretty clear that C is a clear winner. The numbers and percentages can now be used to show that C must be true.
Re: According to a recent study on financial roles, one-third of [#permalink]
24 May 2012, 19:11
I dont think C is right
1/3 of high school seniors with “significant financial responsibilities.” can be any number can 9 or 99 we dont know that
80% of high school seniors can be 99 or 999 and 1/3 of those can be greater then or less then we just can derive that.
So dont think "C" is right
I think "B" is more relevant because it clearly says "one-third of high school seniors work part-time jobs after school" and this can be concluded from statement "one-third of high school seniors say that they have “significant financial responsibilities."
Re: According to a recent study on financial roles, one-third of [#permalink]
25 May 2012, 13:45
kuttingchai wrote:
I dont think C is right
1/3 of high school seniors with “significant financial responsibilities.” can be any number can 9 or 99 we dont know that
80% of high school seniors can be 99 or 999 and 1/3 of those can be greater then or less then we just can derive that.
So dont think "C" is right
I think "B" is more relevant because it clearly says "one-third of high school seniors work part-time jobs after school" and this can be concluded from statement "one-third of high school seniors say that they have “significant financial responsibilities."
Just take a imaginary number of seniors in high school...say 1000 high school seniors.
If 1/3 of them have "significant financial responsibilities" then that's 333 students.
If 80% of 1000 has a checking account, that's 800 students. Of those 800, about 1/3 bounced a check and that makes it 266 students.
Re: According to a recent study on financial roles, one-third of [#permalink]
07 Jun 2012, 02:25
Let X be the number of High school seniors
High school seniors with significant financial responsibilities = (1/3)X ------------- (1) High school seniors with bank accounts = 80% of X = 0.8 X ------------------------- (2) High school seniors with bank accounts that has bounced check = (1/3)(0.8)X --- (3)
Re: According to a recent study on financial roles, one-third of [#permalink]
09 Jun 2012, 09:29
Marked E, pity me.. the mistake in E is the use of "students" and not "seniors" which i missed. Otherwise, C is perfect, logically and mathematically. _________________
Re: According to a recent study on financial roles, one-third of [#permalink]
09 Jun 2012, 10:03
Argument evaluation: 1st study, 1/3 of HSS (high school seniors) = "significant financial responsibilities" (= food, shelter, clothing for themselves and families) 2nd study; 80% of HSS never take a personal finance class even though 80% of HSS opened bank accounts 1/3 of these accounts holders has bounced a check
=> easy to choose choice C as the correct one. c)The number of high school seniors with significant financial responsibilities is greater than the number of seniors who have bounced a check. _________________
Re: According to a recent study on financial roles, one-third of [#permalink]
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