I often find that my research points per turn are higher than it takes to discover a new technology. What happens to the excess point? Are they stored for later? Are they used for the next tech in the queue? What happens if there's no other tech in the queue? What should I do in this case?
If you have another tech in the queue, it will begin research on the next one. It is quite possible, if you have enough research, to get two (or even three!) research items done in a single turn.
In the event that no other technology has been added to the queue, then, yes, the extra research is lost.