I've already forgotten what's on each test so I had to go look again
(It's all been a mishmash on elements 2/3/4, can't remember which was where.)
It looks like that on the technician exam, you just need to be able to recognize circuit elements on a schematic and understand V(volts)=I(amperes)R(ohms) and P(watts)=V(volts)I(amperes). A lot of the time if you just plug in the numbers they supply and solve for the unknown, you get the right answer. So yes you need to know arithmetic and the algebra in solving unknowns.
On the other hand there appears to be questions that show some general behaviors of electronic devices and show your understanding on how to use basic equipment such as ohmmeters and voltmeters. If you have a multimeter, learn how to use it and know its limitations, you'll go quite far.
On the other hand, the element 4 exam (element 4 is for extra, so you don't have to worry about it for technician) you sort of do need to know what they do. That is, if you don't just ...ugh... memorize the correct answer...
Also keep in mind, the examinations are segment-pooled. You won't get all 35 questions about electronic circuits so you'll never get the worst case situation if you're weak on electronics. This fact was another thing I was counting on when studying and taking the exam - ideally you shore up the segments you're weak on, but you can miss several questions and still pass. I ended up counting the questions that I can't remember/don't know and didn't sweat them when I counted less than 8 answers that I didn't know
(Incidentally, my weakness was/is ... antennas. But this is one thing I definitely have learned more about after licensing!)
But be careful, don't get overconfident, one of the things that I had to make sure was that I carefully read all the responses. There are some selectable answers that can look really good but are really wrong. Understanding why each wrong answer is wrong will help you if you forget the right answer by allowing you to eliminate incorrect options.
It's multiple choice, remember all the tricks of the trade of multiple choice testing back in school!