The word Formula One applies to a specific category of four-wheeler motor racing and does not denote motor racing in general. The word "formula" signifies that there are a set of regulations, put in place by a regulating body (which in this case is the Federation Internationale de l'Automobile), that the competing teams have to abide by to be eligible to race in the category. "One" simply lets us know that this particular motor racing category is at the top most level in terms of technology among other things.
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The purpose obviously is to win the race and/or Championship. To explain in much more detail, what F1 racing is all about, go to this site. (excerpt and the site):
Formula One, abbreviated to F1, is regarded by experts worldwide as the pinnacle of Motorsports. It is the highest class of open wheeled auto racing defined by the F
The rules were called Formula One when they were set up in 1948 (but continually evolved). Initially the championship was called the World Driver's championship but it eventually was renamed F1 as that was the most common name
The purpose obviously is to win the race and/or Championship. To explain in much more detail, what F1 racing is all about, go to this site. (excerpt and the site):
Formula One, abbreviated to F1, is regarded by experts worldwide as the pinnacle of Motorsports. It is the highest class of open wheeled auto racing defined by the Fédération Internationale de l'Automobile (FIA), motorsport's world governing body.
* http://en.wikipedia.org/wiki/Formula_One
It is simply to find out who the fastest horses are in all sorts of different kinds of races, divided into many categories, such as age categories, flat racing, jump racing and many other categories. Horse racing is a massive industry through many factors such as breeding of horses, gambling, the actual races themselves, training horses, riding horses, looking after the horses and many other ways. It has been described as being the sport of kings.
The sport's title, Formula One, indicates that it is intended to be the most advanced and most competitive of the FIA's racing formula. FIA = Fédération Internationale de l'Automobile
Formula One is the highest class of single seater racing. Whoa hold on there partner how about them there yankee dudes, don't they have themselves something called Indy 500.