To find the largest number of identical sets you can make with these items, you would find the greatest common factor. This would give you the biggest way to divide them up.
You would find the gcf of 48, 72, and 120.
One strategy to do this is to list all the factor pairs.
The other strategy would be to use factor trees to find the prime factorizations.
Please see the attached picture for the strategy.
You can make 24 identical sets.