The sequence is geometric because the terms have a common ratio of $2$. The next two terms are $240$ and $480$.
Work Step by Step
Recall: The terms of an arithemtic sequence has a common differnce while the terms of a geometric sequence has a common ratio. Notice that the next term in the sequence is twice the previous term. This means that the the sequence is geometric with a common ratio of $2$. Thus, the next two terms of the sequence can be found by multiplying $2$ to the previous term. Hence, the next two terms are: $120 \times 2 = 240\\ 240 \times 2 = 480$