Formulas are expressions that are used to calculate and display values based on the data in your records.
Formulas can be used in various contexts, such as formula fields, validation rules, workflow rules, and so on.
Some of the characteristics related to formulas are:
* Formulas are calculated at runtime and are not stored in the database. This means that every time a record is viewed or a report is run, the formula is evaluated based on the current data in the record. This ensures that the formula results are always up to date and accurate1.
* Formulas can reference values in related objects. This means that you can use formulas to access data from parent or child objects, or even from objects that are indirectly related via lookup or master-detail relationships. For example, you can use a formula field on the Opportunity object to display the account owner's name by referencing the Owner.Name field on the Account object2.
* Formulas cannot reference themselves. This means that you cannot use a formula field or variable as part of its own definition. For example, you cannot create a formula field called Total Amount that adds itself to another field. This would create a circular reference and cause an error3.
* Fields that are used in a formula field cannot be deleted or edited without editing the formula. This means that if you want to delete or change a field that is referenced by a formula field, you have to modify the formula field first to remove or update the reference. Otherwise, the formula field will become invalid and display an error. References: 1: Formula Operators and Functions by Context - Salesforce Developers (3) 2: Cross-Object Formulas - Salesforce Help (4) 3: Tips for Working with Formulas - Salesforce Help (5) : Considerations for Deleting Fields - Salesforce Help (6)