OK, the University of Pennsylvania encompasses:
Annenberg School for Communication
Graduate School of Education
School of Design
Law School
School of Arts and Sciences
School of Dental Medicine
School of Engineering and Applied Science
School of Medicine
School of Nursing
School of Social Policy & Practice
School of Veterinary Medicine
Wharton School
Penn calls them schools, but each one would be a college were it to stand alone. Some Universities call them colleges, some call the departments, it's all semantics. The important part is that except for some sharing of physical facilities, they could each operate as a College of their field.
If somebody says they graduated from Penn, I have to ask what degree the got to find out what they are trained in, law degree, business degree, medical degree, engineering degree, etc. Sometimes those degrees are broken down further, like mechanical engineering as opposed to electrical engineering.
Oh yeah, bachelors, Masters and PhD, too.