penultima (n.)

1650s, from Late Latin ultimatus, past participle of ultimare "to be final, come to an end," from Latin ultimus (fem. ultima) "last, final, farthest, most distant, extreme," superlative of *ulter "beyond" (from suffixed form of PIE root *al- "beyond"). As a noun from 1680s. Ultimate Frisbee is attested by 1972.

"last but one," 1530s, abbreviation of penultima. As a noun from 1570s as "last day but one of a month;" grammatical sense of "last syllable but one of a word" is by 1828.

"next to the last, immediately proceeding that member of a series which is the last," 1670s, from penultima (n.) on model of proximate. Earlier was penultim (mid-15c.), from Old French penultime.