Time perception is a field of study within psychology and neuroscience. It refers to the sense of time, which differs from other senses since time cannot be directly perceived but must be reconstructed by the brain. Humans can perceive relatively short periods of time, in the order of milliseconds, and also durations that are a significant fraction of a lifetime. Human perception of duration is subjective and variable.

Although we tend to measure time exactly in the modern age, this exactness is focused on physical time and less on subjective, personal time. 

Psychologically, time can seem to take forever or be over before we know it.  The past only exists as memory.  The future is only imagination.  So, there is really only the present, psychologically-speaking.
This is illustrated in Total Recall, a famous Schwarzenegger movie.  A character goes into a travel agent of the future, selects the holiday he wants to go on for 2 weeks, then sits down in a chair and they implant the memory in his brain.  He gets up and walks out minutes later with, psychologically speaking, a 2 week holiday in his head.

So, what is time?  It is both a psychological construction which we use to interpret our world and there is a mathematical/physics kind of time, the most basic estimate of which is the data found on our watches and clocks.

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