What type of budget is used to forecast income and expense for ongoing business operations?

The correct answer is: Operating budget.

Explanation:

An operating budget is an estimate a business make of the expenses and revenue it plans to book in its ongoing operations. Operating budgets can also be used to forecast future operating corporate periods. This type of budget mainly includes the number of sales expected in dollars, fixed and variable costs as well as operating expenses such as loan payments or depreciation.

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