What term is defined as the acquired material, property, or labor in exchange for money?

The term that describes acquired material, property, or labor in exchange for money is best captured by the concept of "assets." Assets are resources owned by a business that have economic value and can generate future benefits. This includes physical items like buildings and equipment, as well as intangible items like patents and trademarks. When an organization spends money to obtain these resources, they are essentially investing in assets, which contribute to the overall value of the business.

Expenditures refer to the actual spending of money, but do not specifically denote the value or nature of what has been acquired. While they relate to costs incurred, they do not define the concept of acquired resources in the way that assets do. Balance typically refers to an equilibrium or an accounting measure, whereas revenue denotes the income generated from normal business operations, rather than the specific notion of acquired material or resources. Thus, assets align most accurately with the definition provided in the question.