What term describes property of monetary value owned by a business?

The term that describes property of monetary value owned by a business is "assets." In the context of business and accounting, assets are resources that a company owns and can utilize to generate revenue. These assets can take various forms, such as cash, inventory, property, equipment, and investments. They are essential for the functioning of a business as they can be used to create value and fulfill operational needs.

Understanding assets is crucial in assessing a company's financial health, as they reflect the total resources available to the business. This definition aligns well with the essential role that assets play in both balance sheets and overall financial analysis, distinguishing them from other financial terms related to business operations.