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List of Terminology Index – B
Bail : Temporary release from imprisonment of an accused person on furnishing surety or security to appear in court for trial.
Balance of Payments : Balance of payments of a country provides a statement of account which gives in brief a picture of the overall transactions with other countries over a specified period of time.
It is a sort of balance sheet in which are recorded a country’s external claims and obligations. Unlike balance of trade, balance of payments always balances. Care has to be taken on composition of higher duty on export as it affects the country’s balance of payment position.
Balance of Power : Political doctrine that power groups should be so balanced that no one group can get predominance over another.
Balance Sheet : Statement of account over a specified period of time showing assets and liabilities under specific heads from which the soundness or otherwise of an institution or organization is determined.
Bale out : The act of dropping from the aeroplane by means of a parachute.
Ballot : A secret vote or method of voting by inserting a paper or ticket into a box or pushing a particular button on a machine.
Bank Credit : Purchasing power provided by banks in excess of their cash balances, by reason of public confidence in their stability.
Bank Note : Paper currency issued by the Reserve Bank; a promissory note issued by a bank payable to bearer on demand without interest and acceptable as money.
Bank Rate : The rate of interest charged by the Reserve Bank of India for leading to commercial banks.
Base Date : For the preparation of index number and to find out the changes in the value of money, some normal period or date is made the starting point, it is called the base date. It is given the value of 100.
BASIC : (Beginner’s All – purpose Symbolic Instruction Code). A Simple English like language which is easy to learn and also interactive in nature.
Basic Education : System of education first propounded by Mahatma Gandhi for students to get vocational training in addition to reading and writing.
Barter : Trade by exchanging one commodity for another.
Bear : A stock exchange term denoting a falling market when speculation sell stock in the hope of buying again at lower prices. Buyer’s market (opposite of Bull).
Bearer Cheque : A cheque which is en – cashable by bearer (person holding cheque).
Bhoodan : Voluntary land gift movement started by Acharya Vinoba Bhave in 1951 to reduce economic inequality in the country.
Bicameral : Legislature, functioning with two chambers, lower house and upper house – Lok Sabha and Rajya Sabha in India; House of Commons and House of Lords in UK.
Big Four : U.S.A., Russia, U.K. and France (now Big Five with China) as UN members.
Bigamy : The offence of marrying a person while already lawfully married to another. In some countries marriage to more than one wife or husband is lawful.
Bilateral Agreement : Agreement between two countries or parties.
- The number representation system with a base of two (usually using 0 and 1 as digits).
- A characteristic or property involving a selection, choice or condition in which there are only two possibilities.
Birth Rate : It is the proportion of the number of birth in a place in a given time to the total population. It is usually expressed as a quantity per 1,000 people in a population per year.
Blackmail : The criminal offence of extorting money with threats of detrimental action, such as exposure of some misconduct on the part of the victim.
Black Market : Profiteering (Usually illegal) by hoarding and selling at exorbitant prices, without accounting or with false accounting.
Black Money : Money accumulated by way of illegal transactions without declaring it for tax purposes.
Blasphemy : A written or spoken insult directed against religious belief or sacred things with deliberate intent to outrage believers.
Bloe : An association of legislative members or of political parties or groups formed to support a certain measure or groups.
Blue Book : Popular name for an official report, statistical or other government publication which, because of its bulk, is provided with a blue cover of stouter quality than the inside pages.
Bolshevism : The political doctrine of Bolsheviks (in Russian, Bolsheviki means majority within the party). It is the doctrine of Proletarian dictatorship as advocated in Russia by the Bolsheviks led by V.I.Lenin.
Bonus : Payment in addition to wages and salaries for employees, and in addition to dividend for shareholders.
Bourgeoisie : As defined by Engels, capitalism splits society into two classes, namely, the Bourgeoisie who are the owners of the means of production and the Proletariat, the wage earners who have to live on the basis of sale of their labour to owners of means of production.
Bootleg : To manufacture, sell or transport for sale (usually alcoholic beverages) contrary to law.
Brain Drain : Talented men leaving their own country for lack of opportunities and facilities, and going away to foreign countries which provide better conditions.
Brain Trust : A small body of expert advisers concerned specially with planning and strategy and often lacking official or acknowledged status.
Brain Washing : A forcible indoctrination to induce someone (usually an enemy) to give up basic political, social or religious beliefs and attitudes, and to accept contrasting regimented ideas.
Budget : A statement of anticipated revenue and expenditure of a sovereign body for a given period of time.
Budgetary Deficit : The difference between all the receipts (revenues as well as capital receipts) and the total expenditure (both revenue expenditure plus capital expenditure).
Bull : It refers to that sort of a speculator, who stands to gain with a rise in the price of shares and stocks.
Bureaucracy : An administrative policy making group of civil servants; official domination in government (Previously used for ICS. Now referred to whole civil services including IAS).
Busman’s Holiday : A vacation or a day off from work spent in an activity closely resembling one’s work e.g., a bus driver driving his car, a mailman taking a walk, etc. A busman’s holiday is no holiday; it is holiday only in name.
Buyer’s Market : A market where goods and services are available in plentiful and the prices are relatively low.
By – election : Special election held between regular elections to fill vacancy caused by resignation or death of a member.
Byte : A contiguous set of binary digits (bits), usually comprising eight bits operated upon as a unit to store / retrieve information, i.e. an address may be associated with it.