2.30 understand that bile is produced by the liver and stored in the gall bladder, and understand the role of bile in neutralising stomach acid and emulsifying lipids

Basically...

• Bile is produced by the liver
• It is used to neutralise the food after it has left the stomach, as it is highly acidic.
• It emulsifies lipids, as they are not soluble in water: instead of one big oily blob, it is broken down into various tiny little blobs.
• It is a gross shade of vomit green (but you don't need to know that)

Figure 1
(If you're a bit squeamish like I am, may I suggest that you do not look up "bile" on google images)