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17 Mar 2024, 08:57
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True: More people file Schedule X with their income tax return than earn an annual income above the specified amount.
False: More people earn an income above the specified amount than file Schedule X with their income tax return.
Be sure to select an answer first to save it in the Error Log before revealing the correct answer (OA)!
Difficulty:
85%
(hard)
Question Stats:
53% (02:46) correct
47%
(02:49)
wrong
based on 2082
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Country C has a long-standing policy that every person who earns an annual income above a certain specified amount in any given year must file an income tax return for that year that includes Schedule X. However, for every year, most people who file an income tax return that includes Schedule X do not earn an annual income above the specified amount.
Assume that everyone in Country C always follows the country's tax policies. Select the statement about people in Country C that must be true, given this assumption and the information provided. And select the statement about people in Country C that must be false, given this assumption and the information provided. Make only two selections, one in each column.
Country C has a long-standing policy that every person who earns an annual income above a certain specified amount in any given year must file an income tax return for that year that includes Schedule X. However, for every year, most people who file an income tax return that includes Schedule X do not earn an annual income above the specified amount.
Assume that everyone in Country C always follows the country's tax policies. Select the statement about people in Country C that must be true, given this assumption and the information provided. And select the statement about people in Country C that must be false, given this assumption and the information provided. Make only two selections, one in each column.
| True | False | |
| More people earn an income above the specified amount than file Schedule X with their income tax return. | ||
| More people file Schedule X with their income tax return than earn an annual income above the specified amount. | ||
| More people file Schedule X than earn an income below the specified amount. | ||
| More people earn an income below the specified amount than file Schedule X. | ||
| Most people file Schedule X. | ||
| Most people do not file Schedule X. |
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Official Answer
True: More people file Schedule X with their income tax return than earn an annual income above the specified amount.
False: More people earn an income above the specified amount than file Schedule X with their income tax return.
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17 Mar 2024, 09:26
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Country C has a long-standing policy that every person who earns an annual income above a certain specified amount in any given year must file an income tax return for that year that includes Schedule X. However, for every year, most people who file an income tax return that includes Schedule X do not earn an annual income above the specified amount.
We further know that everyone follows the policy.
If we look at the options every two successive options are opposite to each other: (1,2), (3,4) and (5,6), so we have three sets of (True, False) sentence. If we can say any sentence to be 'must be true', the other in the pair can be marked as False.
Let us take that amount to be K dollars and there be 1000 people earning above K dollars. So, everyone, that is all 1000 people, earning above K dollars is surely filing ITR with Sch X.
Let the actual returns filed be Y. However, most of people(of Y) filing ITR with sch X have income below K dollars.
So Y is surely more than 2*1000 people or at least 2001 people.
More people earn an income above the specified amount than file Schedule X with their income tax return.
This has to be FALSE as we know everyone earning above specified amount files Sch X with their ITR.
1000 people earn above K, but at least 2001 file Sch X with ITR.
The other option in the pair will be TRUE, so let us see that sentence.
More people file Schedule X with their income tax return than earn an annual income above the specified amount.
This comes directly from the para and is TRUE. - 'However, for every year, most people who file an income tax return that includes Schedule X do not earn an annual income above the specified amount.'
At least 2001 file Sch X but 1000 earn above specified amount.
We further know that everyone follows the policy.
If we look at the options every two successive options are opposite to each other: (1,2), (3,4) and (5,6), so we have three sets of (True, False) sentence. If we can say any sentence to be 'must be true', the other in the pair can be marked as False.
Let us take that amount to be K dollars and there be 1000 people earning above K dollars. So, everyone, that is all 1000 people, earning above K dollars is surely filing ITR with Sch X.
Let the actual returns filed be Y. However, most of people(of Y) filing ITR with sch X have income below K dollars.
So Y is surely more than 2*1000 people or at least 2001 people.
More people earn an income above the specified amount than file Schedule X with their income tax return.
This has to be FALSE as we know everyone earning above specified amount files Sch X with their ITR.
1000 people earn above K, but at least 2001 file Sch X with ITR.
The other option in the pair will be TRUE, so let us see that sentence.
More people file Schedule X with their income tax return than earn an annual income above the specified amount.
This comes directly from the para and is TRUE. - 'However, for every year, most people who file an income tax return that includes Schedule X do not earn an annual income above the specified amount.'
At least 2001 file Sch X but 1000 earn above specified amount.
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19 Jun 2024, 09:48
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chetan2u this question appeared in my GMAT Focus prep practice test - just in case it needs to be tagged accordingly.
