We give a complete conjectural formula for the number er(d, m) of maximum possible Fq-rational points on a projective algebraic variety defined by r linearly independent homogeneous polynomial equations of degree d in m + 1 variables with coefficients in the finite field Fq with q elements, when d < q. It is shown that this formula holds in the affirmative for several values of r. In the general case, we give explicit lower and upper bounds for er(d, m) and show that they are sometimes attained. Our approach uses a relatively recent result, called the projective footprint bound, together with results from extremal com-binatorics such as the Clements–Lindström Theorem and its variants. Applications to the problem of determining the generalized Hamming weights of projective Reed–Muller codes are also included. © 2022 Independent University of Moscow.