Hard-work or Intelligence?

We all have heard the choice of a hard working student vs. a intelligent student, which is better? Of course most of you would say the hard working student but then how come whenever we get our report cards its always about what level or percentage we got. If life was more on the side of hard working, EVERYTHING would be different, from who got the jobs to who has a higher average. We wouldn't frown at a 50% instead we would be happy that it was the best we could do. Whats your pick?