Answer:
 
  
Assuming a standard significance level of  the best conclusion for this case would be:
 the best conclusion for this case would be:
4. There is not enough evidence to show that more than 35% of community college students own a smart phone (P-value = 0.034).
Because 
If we select a significance level lower than 0.034 then the conclusion would change. 
Step-by-step explanation:
Data given 
n=300 represent the random sample taken
X=120 represent the people who have a smart phone
 estimated proportion of people who have a smart phone
 estimated proportion of people who have a smart phone
 is the value that we want to test
 is the value that we want to test
z would represent the statistic (variable of interest)
 represent the p value (variable of interest)
 represent the p value (variable of interest)  
System of hypothesis
We need to conduct a hypothesis in order to test the claim that the true proportion of people who have a smart phone is higher than 0.35, the system of hypothesis are.:  
Null hypothesis: 
  
Alternative hypothesis: 
  
The statistic is given by:
 (1)
 (1)  
Calculate the statistic  
Since we have all the info requires we can replace in formula (1) like this:  
 
  
Statistical decision  
Since is a right tailed test the p value would be:  
 
  
Assuming a standard significance level of  the best conclusion for this case would be:
 the best conclusion for this case would be:
4. There is not enough evidence to show that more than 35% of community college students own a smart phone (P-value = 0.034).
Because 
If we select a significance level lower than 0.034 then the conclusion would change.