<p>Math 1 focuses on algebra and plane geometry, whereas Math 2 focuses on algebraic functions and trigonometry. Plane geometry is only tested indirectly through the trig and solid geometry questions on Level 2. For Math 2, you also need to know a lot of precaclulus concepts: asymptotes, limits, series (including very basic infinite series--typically geometric ones), logarithms, the exponential function and the natural logarithm, vectors, etc. The test does not include any calculus problems, but there are a few questions that can be answered using calculus methods--e.g., minimizing/maximizing a function, L'Hopital's rule for limits, etc. Both levels also have basic statistics on them.</p>
<p>I read once somewhere that the difficulty of the first question on a Level 2 test is approximately equal to the difficulty of the fifteenth question on a Level 1 test.</p>
<p>The main advantage to the Level 2 test is the generous curve. Typically you can miss 8-10 points (not necessarily questions, since 1/4 a point is deducted for wrong answers) and still get an 800.</p>