<-> is "if and only if". P<-> Q is true if the true values of P and Q are the same: both T or both F.
Truth table:
[tex]\begin{array}{ccc} & T & F\\ T & T & F \\ F & F & T\end{array}[/tex]
where across is Q and down is P.
-> is "implication" P->Q "P implies Q" or "If P then Q" is true in the case that Q is true or both P and Q are false. Truth table:
[tex]\begin{array}{ccc} & T & F\\ T & T & F \\ F & T & T\end{array}[/tex]
As for amandamarieve's problem, ~(~p ^ q) <-> (q -> ~r), with p= q= T, r= f,
"~p ^q" is "F ^ T" which is F so ~(~p ^q) is T. That is, of course, the same as you get by using the fact that ~(~p ^ q)= ~(~p) v (~q)= p v ~q. On the right, q-> ~r, with q T and r F, is T->T which is T. We have T<->T which is T.
amandamarieve's "answer 2" is wrong because, as I said, ~(~p^q) is pv ~q, not "p^ ~q. In general, ~(p ^ q)= ~p v ~q and ~(p v q)= ~p ^ ~ q.