Final answer:
Working capital management entails decisions related to trade payables, trade receivables, and inventory. It does not typically include long-term debts, which are associated with financing long-term investments.
Step-by-step explanation:
Working capital management includes decisions concerning items that affect the day-to-day liquidity requirements of a firm. These items typically involve current assets and current liabilities, which are essential for maintaining the operations of a firm. Therefore, working capital management encompasses decisions involving trade payables (I), trade receivables (III), and inventory (IV). Long-term debt (II) falls outside the scope of working capital management because it pertains to the financing of long-term investments, which are not part of the day-to-day operational liquidity. Hence, the correct answer to the question is 'C. III and IV only.'