Since Marty said Boldface is his enemy, I'll jump in with my approach!
Step 1 - Review Argument Structure
Arguments have a tendency to follow predictable patterns of organization and are always comprised of a conclusion, premise (or evidence), and assumptions. This is one of the core fundamentals in Critical Reasoning! If you need to go back to previous chapters and practice identifying evidence, assumptions, and conclusions, it would be best to do that before attempting these Bold Face questions.
Step 2 - Recognize the Question Stem
Bolded statement questions are the most easily recognizable Critical Reasoning question-type because have at least one and sometimes two bolded phrases or sentences. The question-stems usually take one of two forms:
"¢ In the argument given, the two portions in boldface play which of the following roles?
"¢ The first boldface statement has what relationship to the second boldface statement?
Step 3 - Use Symbols to Break Down the Argument
Since we don't have to summarize what the argument is actually saying, we only need to focus on the argument's structure. Identify whether each sentence or clause is a piece of evidence, a conclusion, or a stated assumption using these pre-determined set of symbols. They will help you move through the passage quickly and efficiently:
MC = Main Conclusion (the author's argument or position)
OC = Opposing Conclusion (an argument in opposition to the main conclusion)
F = Fact (basic given information, backstory, premise, etc.)
A = Stated Assumption (think of this as part of the passage that "links" given facts/evidence to stated conclusions)
E (+) MC = Evidence Supporting Main Conclusion (this is what the author cites to support his conclusion)
E (+) OC = Evidence Supporting Opposing Conclusion (this is evidence that is cited in support of the opposing conclusion; it undermines the author's conclusion and can also be expressed as E (-) MC).
Remember, not all of these will be present in every passage or in each answer choice! A passage may not even state its MC directly. It may simply be lingering unstated in the background. Ditto for the OC. Sometimes evidence will be given in support of an opposing viewpoint that is implied but never explicitly described.
Step 4 - Practice with Official Questions
There aren't very many "official" bolded statement questions from the GMAC's Official Guides and GMATPrep software, but here's one to try out:
One of the limiting factors in human physical performance is the amount of oxygen that is absorbed by the muscles from the bloodstream. Accordingly, entrepreneurs have begun selling at gymnasiums and health clubs bottles of drinking water, labeled "SuperOXY," that has extra oxygen dissolved in the water. Such water would be useless in improving physical performance, however, since the only way to get oxygen into the bloodstream so that it can be absorbed by the muscles is through the lungs.
The first sentence is a piece of factual information: oxygen-muscle limits. It doesn't appear to be in support of an argument so we can write down "F" on our scratch pad. The next sentence is evidence in support of an implied conclusion that this water would help performance, so we can write down "E (+) OC." The first clause of the last sentence is the author's conclusion, so we'll write down "MC," and finally the bolded statement is clearly "E (+) MC" because of the transition word "since." Together our notes might look something like:
F E(+)OC MC E(+)MC
Which of the following, if true, would serve the same function in the argument as the statement in boldface?
A.The water lost in exercising can be replaced with ordinary tap water
B. The amount of oxygen in the blood of people who are exercising is already more than the muscle can absorb.
C. World-class athletes turn in record performance without such water
D. Frequent physical exercise increases the body's ability to take in and use oxygen
E. Lack of oxygen is not the only factor limiting human physical performance
We'll be looking for the answer choice that does the same role as the bolded portion: evidence in support of the main conclusion that the water is useless. So which choice best gives additional information to show the water is useless? The correct answer is (B). If the muscle can't absorb more oxygen, the water is completely useless.
Hope this gives you some concrete ideas.
Remember: always identify the TYPE of CR question you're looking at first, then break it down on your scratch pad accordingly.