The document discusses geometric series and their formulas for calculating the sum of terms. It defines a geometric series as having a first term (a) and a common ratio (r) between terms. The formula to calculate the sum of the first n terms is provided as (a(1-r^n))/(1-r). An example of finding the term with a value of 27 in a geometric series is given. The conditions for a geometric series to converge or diverge are outlined based on the absolute value of the common ratio r.