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GMAT


Three Types of GMAT Profit and Loss Problems



You will encounter the following three types of Profit/Loss problems in the GMAT:

Profit/loss as percentage of Cost Price

In this case you will be given the cost price and sales price, and will be asked to simply calculate the profit/loss incurred by the seller by entering into the given transaction. This will be done by dividing the difference between the Sales Price and the Cost Price by the Cost Price. To convert the decimal into a percentage, you will multiply it by 100.

Profit Percentage = ((Sales Price - Cost Price)/Cost Price) x 100

Selling price = Z x (Cost price)

Where Z is any positive number. When Z < 1 we have a loss. When Z = 1 we have neither profit nor loss. When Z > 1 we have a profit.

Profit or Loss % = (Z - 1) x 100.

Selling price = [(Y / 100) + 1]x (Cost price)

Where Y is the profit or loss percentage. When Y < 0 we have a loss. When Y = 0 we have neither profit nor loss. When Y > 0 we have a profit.

Profit/loss as percentage of Sales Price

Sometimes the problem will be worded differently and will require the test taker to calculate...


How to solve work and rates problem in GMAT



Work Rate ProblemsCarefully go through the following question types. These are the standard work rate problems that you would encounter in your GMAT Exam.

Working Together

In questions where individuals work at different speeds, we typically need to add their separate rates together. Make sure you keep your units straight. This doesn’t mean wasting time and writing each and every one out, but rather simply recognizing their existence. Note that when working together, the total time to complete the same task will be less than BOTH of the individual rates, but not necessarily in proportion. Nor, are you averaging or adding the given times taken. You must add rates.

Q) A worker can load 1 full truck in 6 hours. A second worker can load the same truck in 7 hours. If both workers load one truck simultaneously while maintaining their constant rates, approximately how long, in hours, will it take them to fill 1 truck?

A. 0.15
B. 0.31
C. 2.47
D. 3.23
E. 3.25

The rate of worker #1 is 1 truck/6 hours. This can also be 1/6 trucks/1 hour. The rate of worker #2 is 1/7. When together, they will complete 1/6 + 1/...


Using Venn Diagrams to solve GMAT Set Questions


Categories : Venn Diagrams, Sets

On your GMAT, you will encounter 1-3 questions that contain overlapping groups with specific characteristics. You will almost never see more than two characteristics (since you can’t draw 3D on your scratch paper). For illustration, let’s take a look at the following Data Sufficiency example:

Q) Of the 70 children who visited a certain doctor last week, how many had neither a cold nor a cough?

(1) 40 of the 70 children had a cold but not a cough.
(2) 20 of the 70 children had both a cold and a cough.

There are two characteristics (cough and cold) and two categories for each (yes and no), so there are four total categories, as indicated by this matrix:
 
Four Total Categories
I’ve filled in the given information from both statements, and the parenthetical information is inferred. This clearly lays out the 4 combinations of options. If we sum vertically, we can infer that there are 60 total children with colds. Because there are 70 total children, this also means that 10 do NOT have colds. The bottom-right quadrant cannot be found because we do not know how those 10 children get divided between the two empty boxes. Choice E – together the statements are insufficient...


GMAT Word Problems - Basics



GMAT Word ProblemsWord problems on the GMAT get an unfair reputation for being especially challenging. However, it’s helpful to think of them as just dressed-up algebra. The real challenge is that they are (1) long, (2) boring, and (3) require translation from ‘English’ to ‘Math.’ Here are a few questions to ask yourself to make sure you fully break down and understand the problem BEFORE you start to solve!

What is the problem really asking?

    Make sure to understand what the answer choices represent. Are they the total number of dollars of profit? The profit accumulated by Jenny only? The percent increase in profit from June to July? Taking the time to do this will also ensure you never leave a problem half finished. If you dive into setting up an equation too quickly, you may realize half-way through that you’re solving for the wrong variable. Sometimes word problems will add an extra step at the end. You may be busy solving for “x” and forget that the problem is asking for the value of “1/x”.

What information am I given?

    The best...


How to prepare for the GMAT in 3 months?


Categories : GMAT Study Plan

GMAT Prep Plan 3 monthsKnewton: At Knewton, we generally recommend a prep period of around three months for GMAT Preparation. It’s enough time to build a solid foundation in critical areas of GMAT study, but not so long that you burn out by the rigorous focus and training.

Here is the 3 Month GMAT Prep Plan:

Week 1: Take a diagnostic practice test to see where you stand overall.  Learn the basic parameters of each section including scoring and question types.

Weeks 2 – 4: Do as many practice problems as possible for each section and read explanations for any wrong answers. The goal is not just to see whether you are better at Verbal or Quant, but specifically which sections (Critical Reasoning, Sentence Correction) and which question types (strengthening arguments, usage of idioms) are the most difficult for you.

Weeks 4 – 8: Now that you have a lot of practice questions under your belt, you want to focus on the...


How to use Active Thinking in GMAT Problem Solving


Categories : Problem Solving

Active Thinking for GMATQuick brainteaser for you: If 3 bunnies can eat 3 carrots in one hour, how many carrots can 1.5 bunnies eat in one hour?

Really take a moment to think about it.

Do you have an answer?

Ok. If you answered, or even were tempted to answer, “1.5 carrots,” then I’m glad that you’re reading this article! The thing is, while the bunnies are eating carrots at the rate of one per hour, it doesn’t follow that 1.5 bunnies will eat 1.5 carrots. 1.5 bunnies will only eat one carrot, because 1.5 bunnies is really just 1 bunny. (That half a bunny isn’t feeling very well and doesn’t want any carrots.)

I don’t mean to say that this is a GMAT-style problem, but if you found yourself answering “1.5 carrots,” then you are prone to operating on autopilot. Students who operate on autopilot will often fall into traps, and they may become overwhelmed by questions that don’t fall clearly into easily recognized patterns. And let me tell you – you will likely see many problems on the GMAT that don’t fall into common patterns!

Active Thinking...


GMAT Sentence Correction Flow Chart



GMAT Sentence correction


The above is no substitute for reading each sentence carefully, predicting what the correct answer might look like, and finding it in the answer choices of course.  A little more on each of the decision points:

•  Whole sentence underlined: There isn't much to say about this.  With no part of the sentence left static, there's more to keep in mind; the other decisions still help.

Answer start or end with a verb: Beware nouns close to the verb that may distract you from the real subject

Answer start or end with a pronoun: Read carefully for the pronoun's antecedent (the word it's replacing in the sentence)

Modifying phrase, set apart by comma(s): These phrases are easier to spot and work with when they start the sentence, since you need only look at the first thing after the first comma, but these modifying phrases can appear anywhere.

Separation of subject and verb: The further apart they are, the more words there will be to confuse you.  Try...


How to identify modifying Phrases In GMAT Sentence Correction



Modifying PhraseA common trick used by GMAT test makers is to insert modifying phrase incorrectly. Here are some sentences that incorrectly use modifying phrases:

Sentence A: Ever since her paw was crushed in the front door, Mrs. Benson has been worried about Muffin, her pet cat.

Sentence A starts off with the modifying phrase “Ever since her paw was crushed in the front door,” and then talks about Mrs. Benson and her worry for her cat.  But Mrs. Benson sounds like a person, and as a person, she probably doesn’t have a paw to be crushed.  It’s MUCH more likely that Muffin’s paw got crushed, causing Mrs. Benson’s worry.  This sentence needs to be corrected to put the modifying phrase next to the item it modifies. 

Here are a couple of ways that we can do that, depending on where the sentence’s underlining is placed:

Sentence A1: Ever since her paw was crushed in the front door, Mrs. Benson has been worried about Muffin, her pet cat.

If the modifying phrase isn’t underlined, we don’t have the opportunity to fix it-- but we can rearrange the rest of the sentence so that the thing that is modified (...


GMAT Sentence correction General Strategies



GMAT Sentence Correction General StrategiesGMAT Sentence correction(SC) comprises 15 of the total 41 verbal questions, which means that the majority of verbal questions are from GMAT SC. With SC questions, you will be presented with a question followed by five answer choices. The question will be underlined in part. You have to select the best answer choice that rephrases the underlined part of the question. Remember - the first answer choice will repeat the original text so don't bother to read it again.

Here is a step by step action plan to solve GMAT SC Questions

1. Read the whole sentence slowly and carefully. We all have different reading speeds, but as a good rule of thumb, you’ll want to read the sentence significantly slower than you would read a novel. For you fast readers who don’t subvocalize as you read, you might want to try subvocalizing SC sentences; sometimes it’s best to hear the mistake rather than see it.

2. If you notice what looks like an error in the underlined portion, try to identify the type of error before you move...


(GMAT 800) Market research has shown that the newest model of E-Phone



Market research has shown that the newest model of E-Phone gained widespread popularity not due to technical superiority but through seamless and intuitive design.

A. gained widespread popularity not due to technical superiority but through seamless
B. gained widespread popularity not only due to technical superiority but also through seamless
C. did not gain widespread popularity due to technical superiority but through seamless
D. did not gain widespread popularity in consideration of technical superiority but rather due to seamless
E. gaining widespread popularity not due to technical superiority but also through seamless


Explanation:  
In the construction "not...but", the words following "not" and "but" should be in parallel form. In this case, "not" and "but" are parallel because they are both followed by a phrase.

a.Choice A is the correct answer. "Not" and "but" are each followed by a phrase, and so are parallel. Also, "gained" is the correct past tense construction for the concept.
b.Choice B is not the correct answer. This changes the meaning of the sentence.
c.Choice C is not the correct answer. The verb "gain" follows "not", but a phrase follows "but," so the construction is not parallel.
d.Choice D is not the correct...


Top 10 GMAT Verbal tips for Non-native speakers


Categories : GMAT Verbal

Top Verbal Tips for Non-Native GMAT Test TakerEven if English isn’t your first language, you can still achieve an excellent score on the GMAT Verbal section. Here are a few tips to get you started!

1. Build your grammar skills first. You can ignore most of the challenging vocabulary on sentence corrections as long as you identify what part of speech each word is, and how it functions within the sentence. To do this, you’ll need to spend some time with a solid English grammar review book. I recommend pairing a heavy-duty review book, like the Oxford Guide or those published by McGraw-Hill or...


GMAT Statistics Fundamentals - Mean, Mode, Range, Median and Standard Deviation



GMAT StatisticsEven if you fear statistics by its reputation, it is one of the easiest sections in the GMAT because a standard set of questions is asked and anyone who understands the fundamentals that I shall describe will be able to ace the questions. The three most basic topics in stats are mean, mode, and median. Usually, the GMAT will go one step further into range and standard deviation.

Mean: Mean is the average. Let’s say there are two numbers: 6 and 8. The mean would be:
(6+8)/2 =14/2 =7. If you analyze the number 7, it makes sense that it is average of 6 and 8. Using the same approach, the mean of n numbers a1,a2,a3…….an would be (a1+a2+a3…..+an)/n. If you remember this formula, you should be able to do well with mean questions. We shall discuss some of the standard questions in subsequent blogs, but for right now, remember the key formula and start doing some mean and average questions from Grockit games.

Mode: Let’s say that you are given a set of numbers, such as {4,3,7,9,9,11,10}. In order to find the mode, you have to arrange the numbers in ascending...


Proportions


Categories : Ratio and Proportion

A proportion is represented by two ratios which are equated to each other. In GMAT Quant questions, we would be presented with one variable and three values for proportions. Reduce the ratio in either side to the lowest possible value before cross-multiplying.

For example , a proportion can be presented as a/b = c/d or a:b = c:d

So as per our strategy reduce a/b to the smallest possible fraction

ex: 24/10 should be translated to 12/5

GMAT Proportion: A football field is 9600 square yards.  If 1200 pounds of fertilizer are spread evenly across the entire field, how many pounds of fertilizer were spread over an area of the field totaling 3600 square yards?

A. 450
B. 600
C. 750
D. 2400
E. 3200

The key word here is “spread evenly”. This implies that the relationship of fertilizer per square foot is uniform, and you can set equal the relationship of the wholes to the relationship of the parts.

A/F = 9600/1200 = 3600/x

Clearly, we can eliminate the zeros on the left side:

9600/1200 = 3600/x

96/12 = 3600/x

Then we can divide 96/12:

8 = 3600/x

Here, we can still reduce left-to-right, by canceling 4 in both:

2 = 900/x

Oh wait! There’s more! Both 2 and 900 are divisible by 2!
...


GMAT Sentence Correction Strategies - Use Logic



GMAT SC LogicThe single-most crucial type of Sentence Correction error, Modifiers, Comparisons, and Verb Tenses all share one thing in common: you do not  need to be an expert editor to recognize that this sentence is illogical!  The introductory phrase in this sentence, “the single-most type…” is clearly meant to describe one item, but the rest of the sentence lists three.  This does not make logical sense!  Technically you’d call this a modifier error, in that the modifying phrase to begin the sentence – recognizable because it begins the sentence, is separated by a comma, and does not include its own subject and verb (note: these aren’t essential characteristics of any modifier, but they are one surefire way to identify a commonly-occurring type of modifier in which SC errors often crop up) – does not logically modify the noun that follows.

If you want to get really technical, it is an appositive modifier (a noun phrase used to describe another noun), but the GMAT will never require you to describe the...


Should I wait for the new GMAT Integrated Reasoning Section?



F1GMAT: Should test takers wait for the new GMAT Section(Integrated Reasoning) in June 2012 or give the test by this year itself?

Veritas Prep:
The Official GMAT Blog has taken a stance on this, and as the Veritas Prep offices have answered this question with increasing frequency we would  like to make our similar opinion public, as well.  Take the GMAT when it is  a good time for you to do so; the presence of the Integrated Reasoning score alone should not impact your candidacy.

The biggest news angle one could derive from the changes to the GMAT is that, well, not much has changed.  The GMAT will not change its quantitative and verbal sections, and the content of the Integrated Reasoning section is actually similar to...