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.
For a wage earner, net income is the residual amount of earnings after all deductions have been taken from gross pay, such as payroll taxes and retirement plan contributions. For example, a person earns wages of $1,000, and $300 in deductions are taken from his paycheck.