Taxation and Finance

Flashcards covering key terms related to taxation and finance.

Severance taxes

Taxes imposed on the extraction of natural resources.

Insurance trust funds

Funds established to pay for future insurance claims.

Tax capacity

The ability of a municipality to generate tax revenue.

Municipal bonds

Debt securities issued by local governments to finance public projects.

Revenue bonds

Bonds backed by the revenue generated from specific projects.

Expenditures

Spending by a government to provide services and meet obligations.