Weird question for the A&S section, but I'll answer anyways.
First of all...
"Bill Gates the founder of Microsoft has an iq of 160- that is 10 points above genius level."
160 is 20 points higher than what is considered genius level on an IQ classification chart.
"I have an iq score of 120- this is 40 points below bill - it is no wonder i cannot achieve such brilliance."
Richard Feynman purportedly had an IQ of 124 and he substantiated contributions to the development of quantum physics and won the Nobel Prize in physics. It isn't your IQ that matters, it is how you use that potential. An IQ of 120 is really good, but don't think that IQ is a good predictor of success.
"Is it biological or environmental?"
It is actually both. The environmental contributions have the greatest influence in the earlier stages of life because the brain of younger people has a higher rate of neuroplasticity (the malleability of the brain). Genetic contributions are more apparent the older you get. The reason for this is because as you get older, environmental influences become less effective. The neural connections rate slows down the older you get, and by the time you're 16, genetics contribute to 80% of your intelligence. Throughout most of a person's life IQ doesn't change that drastically.