Hi Jeli13,
There are a variety of different Quant and Verbal score "combinations" that will land you in the 600 to 700 range. So in real basic terms, there is a way to 'offset' a lower score in one section with a higher score in the other. However, there are still 'minimums' that need to be hit if you want to score at a higher level. For example, if you want to score at (or near) 700, then a Q25 (or V25) will simply NOT be enough.
Each Business School has its own 'procedure' for reviewing applicants, which is sometimes 'holistic' (meaning that the Admissions Officers don't necessarily have a 'checklist', but they know a good applicant when they see one). As such, you want your GMAT score to be 'in range' of what the School is looking for AND you want to have a strong overall profile. Certain Programs place a higher emphasis on the Quant Scaled Score (Finance Programs, for example), but that does not mean that you need a high Quant Score (or 'balanced' scores) to get an invite to a Business School.
I assume you're asking all of this because your studies are leading to certain results.
1) How long have you been studying?
2) How have you been scoring on your CATs?
3) When are you planning to take the GMAT?
4) When are you planning to apply to Business School?
GMAT assassins aren't born, they're made,
Rich