The "Physical Health Standards for Middle School Students" stipulates that students' physical health grade standards are: 85 points or above is excellent; 76 ~ 85 is good; Pass 60 points;

So the answer is 4%;

(2) incorrect.

The average score of students' examination is 90× 20%+82× 32%+65× 44%+40× 4% = 74.44;

(3) When the number of people selected is 50, the number of outstanding people = 50× 20% =10; Good people =50×32%= 16, with good grades on 25th and 26th.

Therefore, the median of the test results should fall in a good grade.