Hi VeeKoul,
The 'key' to solving most of these types of questions is to focus on the 'extreme' values (both positive AND negative) that exist in the range(s). You have to be thorough with your work through - sometimes the minimum or maximum value will not actually be the first value you calculate.
For example, with the two ranges you listed:
-12 =< x =< 1 and
-4 =< y =< 10
What is the MAXIMUM possible value of (X)(Y)?
At first, you might think to focus on the maximum possible values of X and Y. This would give you (1)(10) = 10. However, is that actually the maximum possible product....?
If you think about the smallest possible values (re: the ones that are 'most negative'), you would end up with (-12)(-4) = 48. THIS product is the one that's actually the largest.
The 'math' in these types of questions is rarely that tough, so you're really being tested on your 'thoroughness' (re: will you do enough work to make sure that you have answered the question that is asked?).
Since you're asking about a specific subject/question type, I have to assume that you've put in some significant study time already and that you're looking to improve on your existing CAT Scores (and/or Official GMAT Score).
1) How long have you studied?
2) What study materials have you used so far?
3) How have you scored on EACH of your CATs (including the Quant and Verbal Scaled Scores for EACH)?
4) What is your goal score?
5) When are you planning to take the GMAT?
GMAT assassins aren't born, they're made,
Rich