Short answer: a value of 700 against a mean of 500 and a standard deviation of 100 has z = 2, and 97.72% of a normal distribution lies below it. Swap in 400 and z = −1, below which sits 15.87%.
Reading the score
Three z-scores are worth remembering: 1.0 is about the 84th percentile, 1.96 about the 97.5th, and 2.58 about the 99.5th. Those land at 0.8413, 0.9750 and 0.9951, which is why the table rows people actually use are so few.
Worked example
A test with mean 62 and standard deviation 9: a score of 71 has z = 1.0 and sits at the 84.13th percentile, so about 16% of candidates scored higher. Reporting the raw 71 hides which of two papers was actually harder, which is the reason standardising exists.