Examlex
What is budgetary slack and why is it an issue in budget preparation?
Pretax Income
The income earned by a business before any taxes have been deducted.
Target Pretax Income
The income a company aims to achieve before deducting taxes, often set for budgeting or goal-setting purposes.
Budgeted Income Statement
A financial report projecting revenue, expenses, and net income for a future period, based on management's expectations.
Degree of Operating Leverage
A measurement of how a company's operating income responds to a change in sales, indicating the level of fixed versus variable costs.
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