Just a few points for completeness:
this answer is discussing only integer representations. There may be other answers for floating point;
the representation of a negative number can vary. The most common (by far - it's nearly universal today) in use today is two's complement. Other representations include one's complement (quite rare) and signed magnitude (vanishingly rare - probably only used on museum pieces) which is simply using the high bit as a sign indicator with the remain bits representing the absolute value of the number.
When using two's complement, the variable can represent a larger range (by one) of negative numbers than positive numbers. This is because zero is included in the 'positive' numbers (since the sign bit is not set for zero), but not the negative numbers. This means that the absolute value of the smallest negative number cannot be represented.
when using one's complement or signed magnitude you can have zero represented as either a positive or negative number (which is one of a couple of reasons these representations aren't typically used).