Thanks for writing in. While I can tell you're disappointed in your score compared to your practice tests, keep in mind it is well within the range of all the top schools and while it's good when both sections top the 80 percentile mark, you're probably just 1 question away on Verbal. Your academics are strong and if you use quant skills regularly in your consulting work, you can mention that in your essays. You can also ask your recommenders to reference your quant skills in their letters, if they've worked with you on analytical projects.
1) Schools definitely look at your performance on each section, but only within one test. You can't mix and match your best Verbal with your best Quant. As I said above, they will probably notice where your Quant score is, but it is unlikely to have a significant impact on your application if you address it in other ways, like I mentioned above
2) It's hard to say the direct impact this will have on scholarships. Scholarships are managed differently at individual schools and usually run by the Financial Aid office.
A 720 is a very good score. A 750+ is an excellent score. It really depends on how many schools you plan to apply to, your availability to study for the GMAT, and overall motivation to prepare for the test. Retaking it can't hurt you, but it may be that the time is better spent working on essays and other parts of your application.
Best of luck!
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