What are business assets?

Business assets refer specifically to property utilized in the operation and management of a business. This includes items like buildings, machinery, vehicles, and inventory that are owned or controlled by the business and contribute to its economic activities. In essence, a business asset is integral to the functioning and profitability of a company.

When considering the other options, personal belongings used for work fall under a different category as they may not be directly associated with the business’s operations. Equipment leased from others does not qualify as business assets owned by the business but represents temporary utility that may not provide long-term value. Lastly, while some business assets might require maintenance, not all business assets have this requirement. It is the primary use in the conduct of business that defines what constitutes a business asset, making option B the most accurate choice.