There are 3 tabs in the Taxonomy Editor, Basic, Labels and Advanced.
The title field is used to set the post title and if you don't use label settings then this field will also be adapted to work as a plural label, as well as forming the singular labels.
This is the unique key for your taxonomy. It will be automatically prefixed by "acfg_" the same as ACF Engine Post Types, which helps ensures uniqueness. You are still responsible for maintaining uniqueness in your site or if using on multiple sites pay even more attention to creating a unique key.
For most purposes this is the list of post type(s) that you want the taxonomy to be associated with. If your custom post types are shown in the main menu, then this custom taxonomy will be shown as a submenu item (unless it's setting are altered to block the menu item creation).
If you want your custom taxonomy associated with multiple post types use comma's to separate the post type keys.
Use full post type keys, for instance "post" (WP native post type), "vehicle" (custom Vehicle Post Type).
A list of post types for a travel site might look like: location, area, region.
For the original and official guidelines on label usage visit the official WordPress taxonomy labels documentation.
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