"Profit, to the average businessman or accountant, is that part of business income which remains (if any) after all the expenses of the business have been met. These expenses include such things as wages, raw materials, supplies, light, rent, heat and interest on debt. While this definition is correct as far as it goes, it is not a good definition because it is incomplete. It somehow leaves the impression that profit is something left over for which no work is done, or that profit is an extra income not necessary for the smooth operation of the business."
Good Reading Rack Service, 1958