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

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23 Nov 2010, 13:17

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

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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.

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.

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.
_________________

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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.

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

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19 Jun 2011, 18:40

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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?

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

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

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]

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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]

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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]

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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.

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