Define the difference between revenue and expenditure? 2. Name some of the taxes in detail that your state or city use to generate revenue? 3. Describe the budget process and some of the restraints that exist on budgeting? 4. Identify some of the bonds that can be issued that will generate revenue for state/local governments? 5. Explain the budget process? 6. Looking at the table in the text book list the five top states as it relates to revenue? 7. Are there restrictions on local government budgets?