The document discusses the key functions of the liver, including synthesizing most plasma proteins like albumin, producing coagulation factors, converting toxic ammonia to urea, and excreting cholesterol and bile acids into bile. It also notes that the liver protein with the shortest half-life is factor VII at 4-6 hours, while albumin has a longer half-life of 20 days. Tests like prothrombin time, serum bilirubin, and albumin levels can help evaluate liver function.