Which of the following are two types of long-term debt instruments commonly used in school financing?

Bonds and notes are indeed two types of long-term debt instruments frequently employed in school financing. Bonds are typically issued by school districts or educational institutions to raise funds for long-term projects, such as building new facilities or renovating existing ones. Investors purchase these bonds, providing the school with immediate access to capital. In return, the school agrees to pay interest over a specified period and repay the principal amount at maturity.

Notes, on the other hand, are also instruments of indebtedness that schools can use for financing purposes. These can be used similarly to bonds but are often less formal and might have different terms or structures. Notes can serve as a means of securing short to medium-term financing while still maintaining the intention for long-term investments in educational infrastructure.

In contrast, other options like grants and scholarships do not involve debt instruments; they represent funds given without the requirement for repayment. Loans and tax credits vary in terms of structure but are less commonly classified as traditional long-term debt instruments in the context of school financing compared to bonds and notes. Wages and salaries, being operational expenditures, do not represent debt instruments at all. Thus, the correct pairing of debt instruments for school financing is clearly represented by bonds and notes.