Percentile is a measure of your ranking relative to everyone else who takes that same test. If you score in the 74th percentile, for example, then you scored better than 74% of the people taking the test.
Percentile is the measurement that really matters. The "scaled score" for quant and verbal (officially, 0 to 60; in practice 1 to 51) could be set to anything. I could use letters or greek symbols if I wanted - just as long as I also gave you the percentile ranking. :)
See this page for the official current percentiles associated with specific scaled scores:
http://www.mba.com/the-gmat/gmat-scores ... king-meansFor this question:"how is the final score calculated?"
Are you asking how the official test makers combine the subscores to get the final three digit scaled score (and percentile)?
Or are you asking how adaptive exams in general work, as far as the scoring is concerned?
If the latter, log into your student center, find your copy of The GMAT Uncovered Guide, and read the section on Scoring. If you do, you'll discover that the test is not scored based upon percentage correct (in fact, the vast majority of testers get approximately the same percentage of questions correct, even at very different scoring levels).
If the former, the official test-makers combine the two subscores (Q and V) in some way, but they don't tell anyone what that formula is. (We have "reverse-engineered" our own formula based on a lot of data, but we don't know for sure what the official conversion formula is.)