AIEEE Questions

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A commercial bank is a type of financial institution that accepts deposits, offers checking account services, makes business, personal and mortgage loans, and offers basic financial products like certificates of deposit (CDs) and savings accounts to individuals and small businesses. A commercial bank is where most people do their banking, as opposed to an investment bank.

Commercial banks are funded through customer deposits. These banks make money by providing loans and earning interest income from those loans. The types of loans a commercial bank can issue vary and may include mortgages, auto loans, business loans and personal loans. A commercial bank may specialize in just one or a few types of loans.

Customers who deposit money into these accounts effectively lend money to the bank and are paid interest. However, the interest rate paid by the bank on money they borrow is less than the rate charged on money they lend.

The process of conversion of sugar to alcohol is called Fermentation in which sugar is coverted to alcohol with the help of yeast.

Pinctada vulgaris is a bivalve from which pearl is obtained.

Cronyism is the practice of partiality in awarding jobs and other advantages to friends, family relatives or trusted colleagues, especially in politics and between politicians and supportive organizations.

Corporation tax is a tax imposed on the net income of the company. Companies, both private and public which are registered in India under the Companies Act 1956, are liable to pay corporate tax.

Taxes in India are levied by the Central Government and the state governments. Some minor taxes are also levied by the local authorities such as the Municipality. The authority to levy a tax is derived from the Constitution of India which allocates the power to levy various taxes between the Central and the State.

Hence, Corporate Tax is imposed by Central Government.