Psychology is both an academic and applied discipline involving the scientific study of mental processes and behavior. Psychologists study such phenomena as perception, cognition, emotion, personality, behavior, and interpersonal relationships. Psychology also refers to the application of such knowledge to various spheres of human activity, including issues related to daily lifeâe.g.
What is the amount a business earns over and above what it spends for salaries and other expenses. Answer. Profit is the term used to describe the amount a business is left after expenses such as wages, rent, materials, etc.
Both employees and independent contractors can deduct business expenses on their tax returns to lower their taxable income. But if you're reimbursed for your business expenses, you can no longer claim the expenses as deductions.