Min(), Max(), First(), Last() are all useful functions that seem similar, but have different uses depending on the needs of the variable/formula.
Min and Max
Min() and Max() will show the highest or lowest value of the object in question, but that value is determined by the object type.
Text objects will be organized alphabetically
Number objects will be organized numerically
Date objects will be organized by date
First and Last
First() and Last() will use the context of the table it is present in to try to determine which is the first or last value. It also knows the difference between text, numbers, and dates, but may try to define that based on other objects in the table.
If there is an object with a Yes or No value, Max([Boolean Object]) will always return a Yes. Last([Boolean Object]) will try to find the most recent value. It will try and use a relevant creation date object to determine the most recent value, but it may not find the most recent value accurately if the creation date object is not present in the table Last([Boolean Object]) formula is being used in.