Could YOU pass eighth grade math?

You Passed 8th Grade Math

Congratulations, you got 9/10 correct!

Could You Pass 8th Grade Math?

The one math problem I got wrong involved a formula with a caret mark (^). I KNOW we NEVER covered that in any of my math classes back in the day. Can anybody tell me what it is and how it works in the formula? I know it's called a caret mark in the editing context, but is it called a caret in the mathematical context as well? What the heck IS this thing?