Concept: The question tests on the basics of  Rates(Speed and Time)

Solution:

Given that Nick + Greg + Jim = 54

To find how much Jim has


Statement 1: Jim has twice as much money as Greg and Nick has six times as much money as Greg has.

Let the amount that Greg has = x. Then Nick has 6x and Jim has 2x

Then x + 6x + 2x = 54. With this we can get the value of x = 6 and the amount which Jim has = 2 * 6 = 12


Therefore Statement 1 Alone is Sufficient. Answer options could be A or D



Statement 2: The sum of the amounts of money that Jim and Greg have is half the amount that Nick has.

Let Nick have x, then Jim + Greg = x/2

Then x + x/2 = 54. From this we can get the value of x, but we do not know how mu Jim has individually.


Therefore Statement 2 Alone is Insufficient. (option a)