$\newcommand{\S}{\mathcal{S}}$ For a set $X$ we definte the subset ring $\S_X$ as the set of subsets of $X$ equipped witht the two operations $$\begin{align} A + B &:= (A\setminus B) \cup (B \setminus A),\\ A \cdot B &:= A\cap B. \end{align} $$ It's easy enough to show that $(\S_X, +, \cdot)$ defines a ring, and that for finite $X$ with $|X|=n$, we have the isomorphism $\S_X\cong \mathbb{F}_2^n$ where addition and multiplication in $\mathbb{F}_2^n$ are performed componentwise.
One can also show that given a (not necessarily finite) set $X$ with $Y\subseteq X$, that $\S_Y$ is an ideal of $\S_X$, and the quotient ring $\S_X/\S_Y \cong \S_{X\setminus Y}$ by considering the homomorphism $f:\S_X\to\S_X$ given by $f(A) = A\setminus Y$ and apply the FIT.
But there are other possibly more interesting ideals of $\S_X$, particularly in the case that $X$ is infinte:
Let $\mathcal{F}_X = \{A\subset X \mid |A|<\infty\}$ be the set of finite subsets of $X$. It's trivial to show that $\mathcal{F}_X$ is an ideal of $\S_X$. Therefore, by the FIT, it must arise as the kernel of some homomorphism $\phi:\S_X\to R$, which we can hopefully use to understand what the quotient ring $\S_X/\mathcal{F}_X$ "looks like".
The elements $A+\mathcal{F} \in \S_X/\mathcal{F}$ are equivalence classes of subsets of $X$ up to the addition or removal of finitely many elements. But it's not clear to me what exactly this means - can we view the elements as "single points" of some space? In the case that $X$ is countable (e.g. $X=\mathbb{N}$) then it's a well known result that $|\S_{\mathbb{N}}|=|\mathbb{R}|$, but what about $|\S_\mathbb{N}/\mathcal{F}_\mathbb{N}|$? I feel like we want to think of a space of objects that are invariant under a finite number of small changes (corresponding to adding/removing a single element), but suddently distinct when the number of changes is infinite... though I haven't been able to come up with such a space!
I've had many questions arise in this discussion - and there are likely many other things that I haven't even thought about, but to highlight the main ones:
Is there a more direct way to think about the elements of $\S_X/\mathcal{F}_X$ for infinite sets $X$, in general or in the specific case when $X$ is countable?
What are some appropriate rings $R$ and homomophisms $\phi$ that might give rise to more "understandable" representations?
Can we hence immediately determine the cardinality of $\S_\mathbb{N}/\mathcal{F}_\mathbb{N}$?
Are ther other "interesting" ideals of $\S_X$ that do not arise as $\S_Y$ for some subset $Y\subseteq X$?
Here are some relevant facts.
I am not really aware of a more concrete description of subsets-modulo-finite-subsets; the above description is really not any more concrete. It's at least straightforward to see that its cardinality is still the continuum, because the ideal of finite subsets is countable. The situation is somewhat analogous to the construction of $L^p$ spaces, where we quotient by measurable functions of $L^p$ norm zero and hence have the freedom to freely modify functions on any set of measure zero. Generally speaking elements of an $L^p$ space simply don't have any canonical representatives as actual functions and we just get used to that.
For $X = \mathbb{N}$ here is a description of $\mathbb{F}_2^{\mathbb{N}}/I$ that you might find easier to think about. You can think of its elements as equivalence classes of sequences of $0$s and $1$s, where we identify two sequences if they agree after their first $n$ terms, for some $n$. Loosely speaking this means we only care about the behavior of such a sequence "at infinity" (and we can give "infinity" a precise meaning here, it means the complement $\beta \mathbb{N} \setminus \mathbb{N}$). This may not seem any more concrete but it's at least somewhat analogous to the description of, say, $\mathbb{R}$ as equivalence classes of Cauchy sequences of rational numbers; in fact this description is equivalent to requiring that the difference between two sequences converges to zero in the discrete topology.