Hi nphsingh,
There are some interesting aspects to the scoring algorithm for the Official GMAT that are worth knowing. Unfortunately, there is NO partial credit - you either select the one correct answer or you select one of the four incorrect answers. Each of the 4 wrong answers is treated the same (as far as the algorithm is concerned).
There are some other aspects of the program that you should know though:
1) If you leave any questions unanswered, then those questions are marked as 'incorrect' AND then are penalized. Thus, it's better to guess on those last couple of questions than to run out of time and not answer them.
2) There are experimental questions in both the Quant and Verbal section that do NOT count, so you shouldn't get too 'invested' or too 'emotional' on any one question (since it might not even count). Unfortunately, you won't know which ones those are.
GMAT assassins aren't born, they're made,
Rich