It is currently 14 Dec 2017, 06:54

Decision(s) Day!:

CHAT Rooms | Wharton R1 | Stanford R1 | Tuck R1 | Ross R1 | Haas R1


Close

GMAT Club Daily Prep

Thank you for using the timer - this advanced tool can estimate your performance and suggest more practice questions. We have subscribed you to Daily Prep Questions via email.

Customized
for You

we will pick new questions that match your level based on your Timer History

Track
Your Progress

every week, we’ll send you an estimated GMAT score based on your performance

Practice
Pays

we will pick new questions that match your level based on your Timer History

Not interested in getting valuable practice questions and articles delivered to your email? No problem, unsubscribe here.

Close

Request Expert Reply

Confirm Cancel

Events & Promotions

Events & Promotions in June
Open Detailed Calendar

According to a recent study on financial roles, one-third of

  new topic post reply Question banks Downloads My Bookmarks Reviews Important topics  
Author Message
TAGS:

Hide Tags

7 KUDOS received
Manager
Manager
avatar
Joined: 12 Aug 2010
Posts: 66

Kudos [?]: 38 [7], given: 50

Schools: UNC Kenan-Flagler, IU Kelley, Emory GSB
WE 1: 5 yrs
GMAT ToolKit User
According to a recent study on financial roles, one-third of [#permalink]

Show Tags

New post 23 Nov 2010, 13:17
7
This post received
KUDOS
11
This post was
BOOKMARKED
00:00
A
B
C
D
E

Difficulty:

  55% (hard)

Question Stats:

67% (01:51) correct 33% (01:50) wrong based on 1002 sessions

HideShow timer Statistics

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.

OA after some discussion.
[Reveal] Spoiler: OA

_________________

The night is at its darkest just before the dawn... never, ever give up!


Last edited by yossarian84 on 24 Nov 2010, 00:39, edited 1 time in total.

Kudos [?]: 38 [7], given: 50

7 KUDOS received
Kaplan GMAT Instructor
User avatar
Joined: 21 Jun 2010
Posts: 146

Kudos [?]: 232 [7], given: 0

Location: Toronto
Re: High school seniors [#permalink]

Show Tags

New post 23 Nov 2010, 14:29
7
This post received
KUDOS
2
This post was
BOOKMARKED
yossarian84 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?
(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.

OA after some discussion.


Here we have an inference question with lots of facts and figures. Since the answer to an inference question is something that MUST BE TRUE based on one or more of the pieces of information, we think to ourselves "I'll be able to draw concrete conclusions from the numbers, so there's an excellent chance that the correct answer will be a mathematical deduction."

Accordingly, let's start with the choices related to math, (B) and (C).

Quote:
(B) At least one-third of high school seniors work part-time jobs after school.


We know that 1/3 have significant financial responsibilities, but we have no info on how those students fulfil those duties. Accordingly, (B) is not a MUST BE TRUE and can be eliminated.

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


We know that 1/3 have significant responsibilities; we also know that 80% have opened a bank account and 1/3 of the 80% have bounced a cheque.

Is 1/3 of 100% > than 1/3 of 80%? YES! Accordingly, (C) MUST BE TRUE and is the correct answer to the question.

* * *

When you're practicing, you should review every answer choice to every question. So, although in a test situation we'd choose (C) and move on, let's go into "review mode" and take a quick look at the other 3 choices:

Quote:
(A) High schools would be wise to incorporate personal finance classes into their core curricula.


Nothing in the stimulus suggest that this is a MUST BE TRUE - we'd have to know a lot more about the educational system to evaluate the impact of (A) - eliminate.

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


Just because those who have significant financial responsibilities contribute to food, shelter or clothing, that doesn't mean that the reverse is true. This is more of a classic LSAT trap (reversal of sufficiency and necessity, related to formal logic) than a GMAT one.

Quote:
(E) The majority of high school students have no financial responsibilities to their families.


Classic scope shift/too extreme trap - we know that 2/3 don't have "significant" financial responsibilities, but that's not the same as "no" financial responsibilities.

Kudos [?]: 232 [7], given: 0

Intern
Intern
avatar
Joined: 01 Sep 2010
Posts: 41

Kudos [?]: [0], given: 0

Re: High school seniors [#permalink]

Show Tags

New post 23 Nov 2010, 17:56
Agree with C too. What's the OA?

Kudos [?]: [0], given: 0

1 KUDOS received
Manager
Manager
avatar
Joined: 12 Aug 2010
Posts: 66

Kudos [?]: 38 [1], given: 50

Schools: UNC Kenan-Flagler, IU Kelley, Emory GSB
WE 1: 5 yrs
GMAT ToolKit User
Re: High school seniors [#permalink]

Show Tags

New post 24 Nov 2010, 00:39
1
This post received
KUDOS
skovinsky wrote:
yossarian84 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?
(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.

OA after some discussion.


Here we have an inference question with lots of facts and figures. Since the answer to an inference question is something that MUST BE TRUE based on one or more of the pieces of information, we think to ourselves "I'll be able to draw concrete conclusions from the numbers, so there's an excellent chance that the correct answer will be a mathematical deduction."

Accordingly, let's start with the choices related to math, (B) and (C).


* * *

When you're practicing, you should review every answer choice to every question. So, although in a test situation we'd choose (C) and move on, let's go into "review mode" and take a quick look at the other 3 choices:


Thanks Stuart,

OA is C indeed.

In the test I got confused by the question stem - "Which of the following conclusions can be properly drawn from the statements above"

I thought its an identify the conclusion question....and hence marked A...though I knew that C must be true.
_________________

The night is at its darkest just before the dawn... never, ever give up!

Kudos [?]: 38 [1], given: 50

2 KUDOS received
Manager
Manager
avatar
Joined: 13 Oct 2009
Posts: 54

Kudos [?]: 90 [2], given: 2

Location: New York, NY
Schools: Columbia, Johnson, Tuck, Stern
Re: High school seniors [#permalink]

Show Tags

New post 24 Nov 2010, 08:45
2
This post received
KUDOS
The answer is C.

A. Opinion
B. Out of Scope
C. Correct. Given from arguement, 1/3 of students have significant financial responsibilities. 1/3 of 80% of students have bounced a check. Therefore high school seniors with significant financial responsibilties are greater.
D. The passage lists these as an example of significant financial responsibilities. Not that these actions lead to significant financial responsibilities
E. Passage talks about significant ifnancial responsibilites.

Kudos [?]: 90 [2], given: 2

1 KUDOS received
Manager
Manager
avatar
Joined: 02 Nov 2010
Posts: 94

Kudos [?]: 29 [1], given: 15

Location: india
WE 1: 1.3
Reviews Badge
According to a recent study on financial roles, one-third of [#permalink]

Show Tags

New post 19 Jun 2011, 18:40
1
This post received
KUDOS
7
This post was
BOOKMARKED
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

Kudos [?]: 29 [1], given: 15

Manager
Manager
avatar
Joined: 24 Nov 2010
Posts: 197

Kudos [?]: 95 [0], given: 7

Location: United States (CA)
Concentration: Technology, Entrepreneurship
Schools: Ross '15, Duke '15
GMAT ToolKit User
Re: mgmat cr-statistics+conclusion [#permalink]

Show Tags

New post 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

Kudos [?]: 95 [0], given: 7

Manager
Manager
avatar
Status: Preparing for GMAT !!!
Joined: 09 Apr 2010
Posts: 124

Kudos [?]: 20 [0], given: 41

Re: mgmat cr-statistics+conclusion [#permalink]

Show Tags

New post 20 Jun 2011, 10:36
+1 with the above explanation. While A could be correct, C must be correct from the question stem (1/3 of X greater than 1/3 0.8X).
_________________

If you like my post, consider giving me Kudos !!

Kudos [?]: 20 [0], given: 41

Director
Director
User avatar
Joined: 21 Dec 2010
Posts: 619

Kudos [?]: 286 [0], given: 51

Re: mgmat cr-statistics+conclusion [#permalink]

Show Tags

New post 02 Jul 2011, 23:09
C is as direct as it gets .
_________________

What is of supreme importance in war is to attack the enemy's strategy.

Kudos [?]: 286 [0], given: 51

Intern
Intern
avatar
Joined: 11 Oct 2010
Posts: 22

Kudos [?]: [0], given: 0

Reviews Badge
Re: mgmat cr-statistics+conclusion [#permalink]

Show Tags

New post 03 Jul 2011, 19:50
c

Kudos [?]: [0], given: 0

Senior Manager
Senior Manager
avatar
Joined: 09 Feb 2011
Posts: 272

Kudos [?]: 220 [0], given: 13

Concentration: General Management, Social Entrepreneurship
Schools: HBS '14 (A)
GMAT 1: 770 Q50 V47
Re: mgmat cr-statistics+conclusion [#permalink]

Show Tags

New post 03 Jul 2011, 20:20
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

Kudos [?]: 220 [0], given: 13

Intern
Intern
avatar
Joined: 29 Apr 2011
Posts: 17

Kudos [?]: 14 [0], given: 0

Location: United States (TX)
Concentration: Finance, Strategy
GMAT 1: 750 Q51 V40
GPA: 3.7
WE: Design (Computer Hardware)
Re: mgmat cr-statistics+conclusion [#permalink]

Show Tags

New post 11 Aug 2011, 21:23
A is out of scope

Kudos [?]: 14 [0], given: 0

Retired Moderator
User avatar
Status: 2000 posts! I don't know whether I should feel great or sad about it! LOL
Joined: 04 Oct 2009
Posts: 1626

Kudos [?]: 1140 [0], given: 109

Location: Peru
Schools: Harvard, Stanford, Wharton, MIT & HKS (Government)
WE 1: Economic research
WE 2: Banking
WE 3: Government: Foreign Trade and SMEs
Re: mgmat cr-statistics+conclusion [#permalink]

Show Tags

New post 11 Aug 2011, 22:01
+1 C

The answer which is closer to the argument is better. There is no doubt in C.
_________________

"Life’s battle doesn’t always go to stronger or faster men; but sooner or later the man who wins is the one who thinks he can."

My Integrated Reasoning Logbook / Diary: http://gmatclub.com/forum/my-ir-logbook-diary-133264.html

GMAT Club Premium Membership - big benefits and savings

Kudos [?]: 1140 [0], given: 109

Intern
Intern
avatar
Joined: 03 May 2008
Posts: 11

Kudos [?]: 3 [0], given: 4

Re: mgmat cr-statistics+conclusion [#permalink]

Show Tags

New post 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...

Kudos [?]: 3 [0], given: 4

Senior Manager
Senior Manager
avatar
Joined: 12 Oct 2011
Posts: 254

Kudos [?]: 67 [0], given: 110

Re: According to a recent study on financial roles, one-third of [#permalink]

Show Tags

New post 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.

Kudos [?]: 67 [0], given: 110

Manager
Manager
avatar
Joined: 07 Jun 2011
Posts: 67

Kudos [?]: 11 [0], given: 31

Re: According to a recent study on financial roles, one-third of [#permalink]

Show Tags

New post 19 Apr 2012, 17:09
A is a trap - it is forcing us to bring in outside knowledge such as possible sources of money. The passage never talks about the money sources

Kudos [?]: 11 [0], given: 31

Manager
Manager
avatar
Status: Bunuel's fan!
Joined: 08 Jul 2011
Posts: 225

Kudos [?]: 57 [0], given: 55

Re: According to a recent study on financial roles, one-third of [#permalink]

Show Tags

New post 28 Apr 2012, 09:51
A little math involved but my answer is also C.

Kudos [?]: 57 [0], given: 55

Manager
Manager
avatar
Joined: 16 Mar 2010
Posts: 54

Kudos [?]: 5 [0], given: 4

Re: According to a recent study on financial roles, one-third of [#permalink]

Show Tags

New post 28 Apr 2012, 10:27
Answer is C.. that is the only statement that can be derived from the information provided in the paragraph

Kudos [?]: 5 [0], given: 4

Manager
Manager
User avatar
Joined: 28 Jul 2011
Posts: 233

Kudos [?]: 163 [0], given: 16

Re: According to a recent study on financial roles, one-third of [#permalink]

Show Tags

New post 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."

Kudos [?]: 163 [0], given: 16

Current Student
avatar
Joined: 21 May 2012
Posts: 97

Kudos [?]: 42 [0], given: 0

Location: United States (CA)
Reviews Badge
Re: According to a recent study on financial roles, one-third of [#permalink]

Show Tags

New post 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.

333 > 266

Very straightforward.

Kudos [?]: 42 [0], given: 0

Re: According to a recent study on financial roles, one-third of   [#permalink] 25 May 2012, 13:45

Go to page    1   2   3    Next  [ 54 posts ] 

Display posts from previous: Sort by

According to a recent study on financial roles, one-third of

  new topic post reply Question banks Downloads My Bookmarks Reviews Important topics  


GMAT Club MBA Forum Home| About| Terms and Conditions| GMAT Club Rules| Contact| Sitemap

Powered by phpBB © phpBB Group | Emoji artwork provided by EmojiOne

Kindly note that the GMAT® test is a registered trademark of the Graduate Management Admission Council®, and this site has neither been reviewed nor endorsed by GMAC®.