Etymology
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ultimate (adj.)

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.

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Definitions of ultimate
1
ultimate (adj.)
furthest or highest in degree or order; utmost or extreme;
the ultimate insult
man's ultimate destiny
the ultimate question
the ultimate achievement
one's ultimate goal in life
ultimate (adj.)
being the last or concluding element of a series;
a distinction between the verb and noun senses of `conflict' is that in the verb the stress is on the ultimate (or last) syllable
the ultimate sonata of that opus
2
ultimate (n.)
the finest or most superior quality of its kind;
the ultimate in luxury
From wordnet.princeton.edu