What term describes items of value owned by an individual?

The term that describes items of value owned by an individual is "assets." Assets encompass a wide range of items that can have monetary value, including real estate, vehicles, cash, investments, and personal property. Essentially, anything that an individual owns and can be converted into cash or provides economic benefit falls under this definition.

Understanding assets is crucial in fields such as accounting and finance, as they represent what an individual or entity owns and can use to meet obligations or generate income. Recognizing the importance of assets helps in assessing financial health, establishing net worth, and planning for future investments or expenditures.

In contrast, liabilities represent what an individual owes, while equity pertains to ownership interest in an asset after deducting liabilities. Capital can refer to financial assets used to fund operations or investments but does not specifically denote ownership of items. Thus, the comprehensive definition of assets as valuable items owned highlights their significance in personal and financial management.