Which of the following is NOT a type of budget?

The reason "Income budget" is identified as not being a recognized type of budget relates to its lack of formal definition in financial management terminology. In contrast, other budget types such as capital, cash flow, and operational budgets serve specific purposes within budgeting practices.

A capital budget focuses on long-term investments and projects, detailing expenditures for physical assets, such as property, equipment, and major expansions.

A cash flow budget tracks the movement of cash in and out of a business over a certain period, ensuring that a company has enough liquidity to meet its obligations.

An operational budget outlines the expected revenue and expenses related to daily operations, facilitating management in planning and controlling resources effectively.

While "income budget" suggests budgeting around expected income or profits, it is not a standard category used in formal budgeting frameworks. Thus, identifying "income budget" as not fitting within the recognized types of budgeting practices is accurate.