Hello,
1. Yes, you can associate a picture with each question - WYSIWYG editor is used for this.
2. If your Math Symbols are in unicode so there is no problem since the component supports UTF-8. If not, you should you the pictures for this. Also if WYSIWYG editor in your Joomla! system supports Math Symbols you can you it.
3. Yes, you can set time for quiz and for question.
4. Yes, you can translate all the text resources to any language you want using handy back-end page. Here is the example on our demo site:
demo2.ari-soft.com/administrator/index.php?option=com_ariquiz&task=lang_frontend
Right now the component comes with English, German and Russian translations.
Regards,
ARI Soft