An analysis of some recent experimental and theoretical investigations of the elementary excitation spectrum of liquid He II is carried out. The spectrum of density fluctuations, which is measured in an inelastic neutron scattering experiment, is shown to consist of two distinct parts: direct excitation of single quasi-particles from the condensed zero-momentum state; and excitation of more complex configurations arising from the interaction of two, three, or more quasi-particles. With the aid of general sum-rule arguments it is demonstrated that: (1) in the long-wavelength limit, a single quasi-particle excitation exhausts the $f$-sum rule; the resulting excitation spectrum is identical to the phonon spectrum proposed by Feynman and found experimentally by Henshaw and Woods; (2) this asymptotic behavior of the density fluctuation spectrum may be used to normalize the experimental results of Henshaw and Woods; one thereby obtains a somewhat altered liquid structure-factor curve, detailed information on the efficiency of quasi-particle excitation from the condensed state of an incident slow neutron, and an estimate of the depletion of the zero-momentum state as a consequence of particle interaction; (3) the backflow introduced by Feynman and Cohen corresponds to taking into account the coupling between a Feynman excitation and higher configurations involving several elementary excitations.The physical picture of backflow is clarified by means of a study of impurity atom motion in an interacting-boson system. It is shown that in the Bogoliubov approximation the backflow around the impurity atom corresponds to a cloud of moving virtualphonon excitations which act to increase the impurity effective mass as well as to conserve current in the system. The generalization of these results to higher-order approximations, and to the coupling between quasi-particles in liquid helium, is discussed.The importance of accounting properly for depletion effects in a microscopic theory is emphasized; it is shown that such effects are neglected in the microscopic calculations of the interacting-boson excitation spectrum which have thus far been carried out, although they are of decisive importance in the determination of the density-fluctuation excitation spectrum.