Explanation:

- Option 1: Income is greater than expenditure. This describes a budget surplus, not an unbalanced budget.

- Option 2: Expenditure is higher relative to income. This indicates a budget deficit, which is indeed an unbalanced budget.

- Option 3: Deficit is covered by loans or printing of notes. This describes a method to manage a budget deficit, another sign of an unbalanced budget.

- Option 4: Only (b) and (c). This implies that both options 2 and 3 are correct.

- Correct Answer: Option 4: Both (b) and (c) accurately describe aspects of an unbalanced budget.