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Basic Math/terms for letters in equations

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Question
What is the official term for the letters used in equations?  i.e. when you say Y means ... - is it referred to as a 'key'?

Answer
Clarissa,

In the context of a mathematical equation, e.g., x^2+2x+1=0, the unknown quantity, "x", is called a variable.

For instance, if you define y as a function of x (i.e., the value of y is determined by the value of x), y=f(x) is called the dependent variable. x is the independent variable.

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