Bile is a fluid that is made and released by the liver and stored in the gallbladder. Bile helps with digestion. It breaks down or emulsify fats into fatty acids, which can be taken into the body by the digestive tract. Bile contains mostly cholesterol, bile acids (also called bile salts), and bilirubin (a breakdown product of red blood cells). It also contains water, body salts (such as potassium and sodium), copper and other metals. Thus, option B is correct. Bile does not function in digest fat by enzymatic action, eliminate waste product or regulate process of digestion.