Why is it important to understand how variables work, inequalities, and basic awareness of exponents before starting algebra?

It is important because they are the basics of algebra. Almost every algebraic problem you will ever solve is based on these fundamental properties. In equations, we almost never know every part of it so we will need variables to substitute the unknown amount in an equation. Variables are used for basically every equation/problem in algebra. Inequalities are not as important as variables but are still really important. Inequalities are basically comparing numbers. And in algebra when they add variables into an inequality, the inequality will help lower the number of possible values of said variable. And exponents are just a basic operation in algebra. Just like learning addition and subtraction. It is like a quicker and less complicated way of multiplying numbers.

answer: yes, since the line has a steeper rate of change than the exponential the y-values will be greater and they will only intersect one time.