Sorry, I misunderstood your initial phrasing.
The master link is only one link. As others have pointed out, you must have an even number of links in your chain. If the chain actually came as 114 links plus the master link, you wouldn't be able to join the two ends with the master link, which wouldn't be very logical. So the chain as it comes is 113 links plus a master link to join them, and if you need 116 links then you made the right choice by ordering the 120 link chain and the chain tool.