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Answer (C) is correct . Working capital finance concerns the determination of the optimal level, mix, and use of current assets and current liabilities. The objective is to minimize the cost of maintaining liquidity while guarding against the possibility of technical insolvency. Technical insolvency is defined as the inability to pay debts as they come due.

Answer (A) is incorrect because Capital structure and dividends relate to capital structure finance, not working capital finance.
Answer (B) is incorrect because Short-term debt is usually less expensive than long-term debt.
Answer (D) is incorrect because Liquid assets do not ordinarily earn high returns relative to long-term assets, so holding the former will not maximize the return on total assets.