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.
Your total operating expenses are $315,000, which excludes the interest and income taxes. Using the numbers from the previous example, your net operating income is $85,000, or $400,000 minus $315,000. This means your small business earned $85,000 in profit before paying interest, taxes and other nonoperating items. Conversely, if operating expenses exceed operating revenue, you have a net operating loss.