You are totally confused over the meaning and significance of the terms.
Refresh Rate: It is the rate at which a monitor redraws the image on screen i.e. the frequency. Greater the frequency, lesser will be the flickering you see on the screen. It has got nothing to do with the FPS stuff.
FPS(Frames per Second): This is a measure of how fast the graphics card can process the details associated with the image i.e. the texture, quality, ligthing, anti-aliasing etc. It is purely a number crunching game.
It is a measure of how much information is used to store and display motion video. The term applies equally to film video and digital video. Each frame is a still image; displaying frames in quick succession creates the illusion of motion. The more frames per second (fps), the smoother the motion appears.
Refresh rate does not mean the rate of displaying of a new frame. It is the rate at which the same frame is redrawn.your monitors puts a new image on the screen only every 1/120th of a second?
I would suggest you rather google than asking such questions.