What term describes anything owned by a business that has value or earning power?

The term that describes anything owned by a business that has value or earning power is "asset." Assets represent valuable resources that a company owns or controls and can use to generate economic benefits in the future. These can include cash, inventory, property, equipment, and intellectual property, among other items.

In accounting and finance, assets are classified as either current (short-term, such as cash and inventory) or non-current (long-term, such as buildings and machinery). Knowing what constitutes an asset is crucial for understanding a company's financial health and its ability to generate profits.

Concepts like revenue, equity, and liability serve different purposes in financial analysis. Revenue refers to the income generated from normal business operations, equity represents the ownership interest in a company, and liability refers to obligations or debts owed by the business. Each of these terms has its specific context, but only asset directly pertains to ownership of valuable items within a company.