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CR : HIGH SCHOOL SENIORS

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CR : HIGH SCHOOL SENIORS [#permalink] New post 30 Oct 2008, 04:15
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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?

High schools would be wise to incorporate personal finance classes into their core curricula.

At least one-third of high school seniors work part-time jobs after school.

The number of high school seniors with significant financial responsibilities is greater than the number of seniors who have bounced a check.

Any high school seniors who contribute to food, shelter, or clothing for themselves or their families have significant financial responsibilities.

The majority of high school students have no financial responsibilities to their families.
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Re: CR : HIGH SCHOOL SENIORS [#permalink] New post 30 Oct 2008, 05:47
(C) The number of high school seniors with significant financial responsibilities is greater than the number of seniors who have bounced a check.
Let total be 100.
1/3 (100) > 4/5*1/3(100)

None of the other choices are compelling.
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Re: CR : HIGH SCHOOL SENIORS [#permalink] New post 30 Oct 2008, 07:38
C as well
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Re: CR : HIGH SCHOOL SENIORS [#permalink] New post 30 Oct 2008, 09:55
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?

High schools would be wise to incorporate personal finance classes into their core curricula.
This is my choice. "a crisis in money management exists for high school students & 80% of high school seniors have never taken a personal finance class"
At least one-third of high school seniors work part-time jobs after school.
Eliminate: Invalid deduction!
The number of high school seniors with significant financial responsibilities is greater than the number of seniors who have bounced a check.
Eliminate: Invalid comparison. We cannot deduce numbers from percentages.
Any high school seniors who contribute to food, shelter, or clothing for themselves or their families have significant financial responsibilities.
Eliminate: Too strong. "Any seniors who contribute something have significant financial responsibilities?" If I gave my mom an apple, does this mean I significantly responsible?
The majority of high school students have no financial responsibilities to their families.
Eliminate: Too strong. "no financial responsibility" We were discussing 33% of high school seniors have "significant" responsibility.

Hope I'm right~
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Re: CR : HIGH SCHOOL SENIORS [#permalink] New post 30 Oct 2008, 09:58
leonidas wrote:
(C) The number of high school seniors with significant financial responsibilities is greater than the number of seniors who have bounced a check.
Let total be 100.
1/3 (100) > 4/5*1/3(100)

None of the other choices are compelling.


I don't believe we can draw this conclusion from the information. For one, you have combined two different studies.
The 1st could contain a sample of only 100 students. The 2nd could contain 100000000 students. These test takers are tricky.... :wink:
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Re: CR : HIGH SCHOOL SENIORS [#permalink] New post 30 Oct 2008, 10:06
somerandomguy wrote:
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?

High schools would be wise to incorporate personal finance classes into their core curricula.
This is my choice. "a crisis in money management exists for high school students & 80% of high school seniors have never taken a personal finance class"
At least one-third of high school seniors work part-time jobs after school.
Eliminate: Invalid deduction!
The number of high school seniors with significant financial responsibilities is greater than the number of seniors who have bounced a check.
Eliminate: Invalid comparison. We cannot deduce numbers from percentages.
Any high school seniors who contribute to food, shelter, or clothing for themselves or their families have significant financial responsibilities.
Eliminate: Too strong. "Any seniors who contribute something have significant financial responsibilities?" If I gave my mom an apple, does this mean I significantly responsible?
The majority of high school students have no financial responsibilities to their families.
Eliminate: Too strong. "no financial responsibility" We were discussing 33% of high school seniors have "significant" responsibility.

Hope I'm right~


I also chose A. It turns out OA is C !!
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Re: CR : HIGH SCHOOL SENIORS [#permalink] New post 30 Oct 2008, 10:06
In this case, I feel that the studies include the same seniors. Yes, one can assume that that the number of seniors in the two studies is not the same, however, that will be too extreme in this case.
"At the same time, a second study demonstrates that...."
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Re: CR : HIGH SCHOOL SENIORS [#permalink] New post 30 Oct 2008, 10:12
leonidas wrote:
In this case, I feel that the studies include the same seniors. Yes, one can assume that that the number of seniors in the two studies is not the same, however, that will be too extreme in this case.
"At the same time, a second study demonstrates that...."


:oops: Hmm...interesting. Using two different studies was a common ploy for the LSAT. This is a big point of difference for me!

So you are saying that "At the same time" justifies the same sample size and group?

Thanks.
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Re: CR : HIGH SCHOOL SENIORS [#permalink] New post 30 Oct 2008, 10:19
somerandomguy wrote:
leonidas wrote:
In this case, I feel that the studies include the same seniors. Yes, one can assume that that the number of seniors in the two studies is not the same, however, that will be too extreme in this case.
"At the same time, a second study demonstrates that...."


:oops: Hmm...interesting. Using two different studies was a common ploy for the LSAT.

So you are saying that "At the same time" justifies the same sample size and group? I could also say that one study was happening at one school (US High School) and another school (Europe High School). The sizes of the samples could be different, as mentioned above.

I don't like this one...

Thanks.


Edited: Again....
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Re: CR : HIGH SCHOOL SENIORS [#permalink] New post 30 Oct 2008, 10:20
The way I understood was that, the study considered the same number of seniors. "At the same time" was one of the cues that I used. Again, this is MGMAT question so it is always debatable.
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Re: CR : HIGH SCHOOL SENIORS [#permalink] New post 30 Oct 2008, 10:24
leonidas wrote:
The way I understood was that, the study considered the same number of seniors. "At the same time" was one of the cues that I used. Again, this is MGMAT question so it is always debatable.


Thanks for your insight. This is definitely debatable. :?
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Re: CR : HIGH SCHOOL SENIORS [#permalink] New post 30 Oct 2008, 10:29
amitdgr wrote:
somerandomguy wrote:
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?

High schools would be wise to incorporate personal finance classes into their core curricula.
This is my choice. "a crisis in money management exists for high school students & 80% of high school seniors have never taken a personal finance class"
At least one-third of high school seniors work part-time jobs after school.
Eliminate: Invalid deduction!
The number of high school seniors with significant financial responsibilities is greater than the number of seniors who have bounced a check.
Eliminate: Invalid comparison. We cannot deduce numbers from percentages.
Any high school seniors who contribute to food, shelter, or clothing for themselves or their families have significant financial responsibilities.
Eliminate: Too strong. "Any seniors who contribute something have significant financial responsibilities?" If I gave my mom an apple, does this mean I significantly responsible?
The majority of high school students have no financial responsibilities to their families.
Eliminate: Too strong. "no financial responsibility" We were discussing 33% of high school seniors have "significant" responsibility.

Hope I'm right~


I also chose A. It turns out OA is C !!



For me, inference questions have several different types of approach.
(1) Deduct - combining more than one statement to reach a conclusion (ex: He is either short, average, or tall. He is not short nor tall. Therefore, he must be average.)
(2) Repeat of text - summary of several statements.

I'm not trying to justify my answer, I'm just trying to study the correct approach for the GMAT. :?
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Re: CR : HIGH SCHOOL SENIORS [#permalink] New post 30 Oct 2008, 10:37
I agree. It is debatable. :)
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Re: CR : HIGH SCHOOL SENIORS [#permalink] New post 31 Oct 2008, 01:37
amitdgr wrote:
I also chose A. It turns out OA is C !!


Important thing to remember in conclusion CR question is that conclusion must be derived from and only from the stimulus. Since, the stimulus does not speak of any financial classes, hence, A cannot be the answer. C is clearly supported by the stimulus.
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Re: CR : HIGH SCHOOL SENIORS [#permalink] New post 31 Oct 2008, 01:58
scthakur wrote:
amitdgr wrote:
I also chose A. It turns out OA is C !!


Important thing to remember in conclusion CR question is that conclusion must be derived from and only from the stimulus. Since, the stimulus does not speak of any financial classes, hence, A cannot be the answer. C is clearly supported by the stimulus.


i get the point scthakur :)
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Re: CR : HIGH SCHOOL SENIORS [#permalink] New post 31 Oct 2008, 09:26
scthakur wrote:
amitdgr wrote:
I also chose A. It turns out OA is C !!


Important thing to remember in conclusion CR question is that conclusion must be derived from and only from the stimulus. Since, the stimulus does not speak of any financial classes, hence, A cannot be the answer. C is clearly supported by the stimulus.


80% of high school seniors have never taken a personal finance class

Can't it be.... students not knowing how to use money wisely + not taking financial classes = give them one? :|
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Re: CR : HIGH SCHOOL SENIORS [#permalink] New post 31 Oct 2008, 11:51
somerandomguy wrote:
scthakur wrote:
amitdgr wrote:
I also chose A. It turns out OA is C !!


Important thing to remember in conclusion CR question is that conclusion must be derived from and only from the stimulus. Since, the stimulus does not speak of any financial classes, hence, A cannot be the answer. C is clearly supported by the stimulus.


80% of high school seniors have never taken a personal finance class

Can't it be.... students not knowing how to use money wisely + not taking financial classes = give them one? :|


But, will that not be outside the scope of stimulus?
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Re: CR : HIGH SCHOOL SENIORS [#permalink] New post 01 Nov 2008, 21:44
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Ah, this is a question where your spider senses ought to be tingling. You see that it is an inference question, and then in the body of the paragraph you see "one third", then "80 percent", and then a reference to one-third of the 80%. What does this mean? You are almost certainly going to have to do arithmetic.

So here is what the information in the paragraph boils down to:

(1) (A study says that) one-third of high school seniors say that they have “significant financial responsibilities.”

(2) These responsibilities include, but are not limited to, contributing to food, shelter, or clothing for themselves or their families.

(3) (Another study says that) 80% of high school seniors have never taken a personal finance class.

(4) 80% of seniors have opened bank accounts. (Note that this clearly DOESN'T have to be the same 80%.)

(5) One-third of these account holders has bounced a check.

Because this is an inference question, we take these statements as true, and see what we can deduce from them as a NECESSARY consequence. Some posters have noted that we don't know how valid the studies were, but that is something you would look at in a Weaken question -- not in this kind of question. In this question, deciding that the studies are not necessarily valid makes the question impossible, because then NOTHING can be deduced. So we take the statements as facts. (If any of the facts were contradictory, we would be able to deduce that one or both of the studies were flawed. But there are no contradictions, and no answer choice which criticizes the studies.)

What can be deduced as a necessary consequence from the facts? Several arithmetic truths MUST be true if these facts are true. Some of these deductions are:

- At least 60% of seniors have never taken a personal finance class, but have opened a bank account. (60% is the smallest possible overlap between two groups of 80% each.)

- At least some seniors who have significant financial responsibilities have never taken a personal finance class. (This has to be true, because 1/3 is bigger than (100% - 80%).)

- There are more seniors who have significant financial responsibilities than seniors who have bounced a check. (1/3 of all seniors have significant responsibilities. Only 1/3 of 80% have bounced a check -- because you can't bounce a check without an account.)

The third of these happens to be answer choice C. It is a necessary consequence of the information, and so it is a correct inference and the correct answer.

The others may be possible, or even likely, but are not NECESSARY consequences.

A: It is possible, but does not follow from the information. "Would be wise" is a general value judgment, and a concept which does not appear in the facts. The information does not say what characteristics would make an action "wise", and does not say that offering a personal finance class would have those characteristics. So there is no evidence leading to A.

B: Definitely does not follow. Having part time jobs appears nowhere in the paragraph.

D: Faulty deduction. The information says that if a senior has significant financial responsibilities, then these responsibilities include contributing to food, clothing and shelter (If X, then Y) Choice D says that if a senior contributes to food, clothing or shelter, then he or she has significant financial responsibilities (If Y, then X). You CANNOT start from "If X, then Y" and conclude "If Y, then X"!!

E: Another faulty deduction. We know that the majority (2/3) of seniors do not have SIGNIFICANT financial responsibilities. This does not mean that they have NONE.
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Re: CR : HIGH SCHOOL SENIORS [#permalink] New post 01 Nov 2008, 22:15
grumpyoldman wrote:
Ah, this is a question where your spider senses ought to be tingling. You see that it is an inference question, and then in the body of the paragraph you see "one third", then "80 percent", and then a reference to one-third of the 80%. What does this mean? You are almost certainly going to have to do arithmetic.

So here is what the information in the paragraph boils down to:

(1) (A study says that) one-third of high school seniors say that they have “significant financial responsibilities.”

(2) These responsibilities include, but are not limited to, contributing to food, shelter, or clothing for themselves or their families.

(3) (Another study says that) 80% of high school seniors have never taken a personal finance class.

(4) 80% of seniors have opened bank accounts. (Note that this clearly DOESN'T have to be the same 80%.)

(5) One-third of these account holders has bounced a check.

Because this is an inference question, we take these statements as true, and see what we can deduce from them as a NECESSARY consequence. Some posters have noted that we don't know how valid the studies were, but that is something you would look at in a Weaken question -- not in this kind of question. In this question, deciding that the studies are not necessarily valid makes the question impossible, because then NOTHING can be deduced. So we take the statements as facts. (If any of the facts were contradictory, we would be able to deduce that one or both of the studies were flawed. But there are no contradictions, and no answer choice which criticizes the studies.)

What can be deduced as a necessary consequence from the facts? Several arithmetic truths MUST be true if these facts are true. Some of these deductions are:

- At least 60% of seniors have never taken a personal finance class, but have opened a bank account. (60% is the smallest possible overlap between two groups of 80% each.)

- At least some seniors who have significant financial responsibilities have never taken a personal finance class. (This has to be true, because 1/3 is bigger than (100% - 80%).)

- There are more seniors who have significant financial responsibilities than seniors who have bounced a check. (1/3 of all seniors have significant responsibilities. Only 1/3 of 80% have bounced a check -- because you can't bounce a check without an account.)

The third of these happens to be answer choice C. It is a necessary consequence of the information, and so it is a correct inference and the correct answer.

The others may be possible, or even likely, but are not NECESSARY consequences.

A: It is possible, but does not follow from the information. "Would be wise" is a general value judgment, and a concept which does not appear in the facts. The information does not say what characteristics would make an action "wise", and does not say that offering a personal finance class would have those characteristics. So there is no evidence leading to A.

B: Definitely does not follow. Having part time jobs appears nowhere in the paragraph.

D: Faulty deduction. The information says that if a senior has significant financial responsibilities, then these responsibilities include contributing to food, clothing and shelter (If X, then Y) Choice D says that if a senior contributes to food, clothing or shelter, then he or she has significant financial responsibilities (If Y, then X). You CANNOT start from "If X, then Y" and conclude "If Y, then X"!!

E: Another faulty deduction. We know that the majority (2/3) of seniors do not have SIGNIFICANT financial responsibilities. This does not mean that they have NONE.


Thank you for another patient post of yours .... The question seems so direct now .... Though I did not get some parts of it ... blame it on my arithmetically-challenged brain ...

My spider sensor ain't half as good as yours ... I wish they sold those on eBay :(
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Re: CR : HIGH SCHOOL SENIORS   [#permalink] 01 Nov 2008, 22:15
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