Which term refers to items of value owned by a business?

The term that refers to items of value owned by a business is assets. Assets are resources that a company owns and can use to generate revenue. This includes tangible items such as buildings, machinery, inventory, and cash, as well as intangible items like patents and trademarks. Understanding assets is fundamental in business as they represent the economic value that a company possesses, which can be utilized for operations or may be liquidated for cash.

Revenues refer to the income generated from normal business operations, such as sales of goods or services, and do not represent ownership of valuable items. Equity represents the ownership stake in the business, which is derived from the assets minus liabilities, while liabilities are the financial obligations or debts incurred by the business, which are the opposite of assets. Thus, assets clearly encompass all items of value owned by a business, supporting the understanding of a company's financial health and operational capabilities.