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.
Expenses represent a deduction from revenue recorded in the calculation of net earnings for the period. If the company is buying and selling investments using their excess cash, realized losses would be called an expense. If a profit was made, it would be called other income.. The systematic write off of long-lived assets (also called fixed asset) is called depreciation or amortization expense.