Formula Labels

Set the default Label for the formula builder.  If no label has been created for the formula builder, you need to design a label in Design Settings.  Labels are generally determined by your container settings, but there are certain conditions when the system will not be able to choose a container.  

1.  A formula is created that does not fit into a range set in any container

2. No containers have been added

In such cases, the default label will be used, so a label will always generate for your formula under all conditions.   If there is no label set here or in your container settings, then no label will be generated for your formula.