It's a college level test, so they have to develop some incomprehensible new scoring system just to look cool. OK, granted, they probably have better reasons than that, but it seems to me that it would be so much easier if they just based it all on percentages. Ah well, if I ruled the world....
The Raw Score
This is the initial scoring system (the one you'll never see), where each correct answer counts for one point, and there is absolutely no penalty for incorrect or unanswered questions (a really good reason why you should always answer every question, even if you have no idea what they're talking about). If you get 70 questions right on a 120-question test, then your raw score is 70.
The Scaled Score
This is where things get complicated. Your raw score is now translated into a more "sophisticated" scaled score by a statistical process called "equating". I picture it as a magical little machine into which you insert a perfectly logical number and a weird scores pops out from the other side. This number will always be somewhere between 20 and 80. The ACE (American Council on Education) recommended passing score is 50 for most tests, but the actually credit-value for your test's score varies greatly by test and college.
When Your CLEP Scores Don't Matter