It's not the max number of UDFs it is the total size. There is a limit on the total size of all UDFs you can create. So if all the UDFs are just 4-5 bytes then you can create a lot but if they are 100-200 then you can create less. When you create a UDF on the upper right hand corner it shows how many in size you have left.

This from the Help files:

You can create any number of user-defined fields (UDFs) for a given entity; however, the total number of characters for all UDFs cannot exceed 20,000. When a new UDF is created or a change is made to an existing UDF, the ODBC Dictionary file and other system files are updated automatically to reflect the changes.

So if I create a UDF that has 10 characters, I can create 1000 UDF's? By characters, do you mean the field characters. So if I had a numeric field with 10 characters, that would be 10 characters? And I assume that it does not include the label?

I see. Perfect. Thanks very much!

Just out of curiosity, what are you doing with 120 UDF's?   That will dramatically increase data file size.  Not to mention driving people crazy in data entry.