What are items called that cost more than a set amount and can be used over time?

The correct answer is capital purchases. Capital purchases refer to significant items that a business or organization buys, which typically exceed a certain cost threshold and are expected to be used over a long period of time. These assets may include equipment, machinery, vehicles, or buildings that contribute to the operational capabilities of the organization and are not usually consumed within a single accounting period.

Capital purchases are crucial for long-term planning and investment, as they represent a commitment of resources toward the growth and sustainability of the organization. In contrast, operating expenses refer to the ongoing costs associated with running an organization, current assets are items expected to be converted to cash within a year, and liquid assets are those that can easily be converted into cash without significantly affecting their value.