Question: I am developing a Student Self Assessment Application using HTML&JSP for UI...I have a question bank page where the admin can login and pre populate the Questions & Answers. Students will be provided with these Questions to answer....

It is required that the admin should be able to enter both text and image as input for Questions in the Questions TextBox....Because topics like maths,physics include small figures & diagrams in Question & solution part.... 

Is there any element / Script / Plugin available to handle this scenario....

Answer: 
I think CKeditor is what you are looking For [Go Here](https://ckeditor.com/) And Take A look.
Usual text input and textarea doesn't support image input, but you can add separate image input (type="file"). 

Step 1: add onchange on the file input and take event

Step 2: create a link from event - URL.createObjectURL(event.target.files[0])

Step 3: create img tag with a src={link above} to show it right after changing

Step 4: after sending form-data request, create image URL in the back-end

Step 5: after getting data from the back-end just show your text with an image below.