Dear arjun206

First of all, understand that your question "what is the number of incorrect answers i can have on the test and still score a 700?" is, in fact, a meaningless question. You see, the GMAT is a CAT, and the grading depends not only on how many you get right & wrong, but also the difficulty of each question and whether you got it right or wrong. You can get several wrong and still get a 700 if you are getting difficult questions right. See this blog for more detail:
http://magoosh.com/gmat/2012/computeriz ... mat-score/

As for timing strategies, here are a few posts you may find relevant:
http://magoosh.com/gmat/2012/time-manag ... -the-gmat/
http://magoosh.com/gmat/2012/pacing-and ... -the-gmat/
http://magoosh.com/gmat/2012/guessing-s ... -the-gmat/
http://magoosh.com/gmat/2012/gmat-study ... vs-random/

Also, question what you mean what you say "I am very comfortable" or "I understand" --- what does that actually mean?
http://magoosh.com/gmat/2012/understand ... rformance/

I would say, getting from the 600-level to the 700-level --- that's not the sort of thing that a few tricks and tips will do. Tips and tricks might be great to move someone, say, from 400 to 500, but you are trying to move up into the elite realm of GMAT performance, and that takes serious mastery of the Q & V content. It's the nature of the GMAT that many of the harder questions are out-of-the-box, creatively designed to be different from anything else you have ever seen before. There's not once-off strategy that will cover this bewildering array of possibilities. You need to work with those questions, and study the most efficient explanations.

I'd like to recommend what Magoosh has to offer. Certainly check out our free blog: you will find a number of articles detailing strategies you can use on even the most difficult questions. Any of the links above give you access to the blog. The beauty of the questions in our product is that each one comes with its own video explanation --- as soon as you answer the question, the very next page provides the video explanation, to accelerate your learning. The combination of high level content and time-saving strategies have helped many folks profoundly improve their scores. Take a look at http://gmat.magoosh.com/plans ---- I think you will find that it is impossible to find GMAT prep material at this high a level for any near this price.

I hope all this helps.

Mike
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Mike McGarry
Magoosh Test Prep