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Explain and contrast three measures of forecast accuracy.
Income Tax Expense
The cost incurred by businesses or individuals due to tax obligations on earned income.
Corporations Proprietorships
Business entities where corporations are legally independent from their owners and proprietorships are owned and run by one individual, with no legal distinction between the owner and the business.
Retained Earnings
The portion of net income not distributed as dividends but retained by the company to be reinvested in its core business or to pay debt.
Deficit
The amount by which expenses exceed income or liabilities surpass assets.
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