What does this phrase mean: 'Let's face it'? Thanks

[alert]

Test No. incompl/inter-71 "How to disagree", question 10

Let's ......... it, you and I will never see eye to eye on this.

(a) look
(b) take
(c) face
(d) see

Test No. incompl/inter-71 "How to disagree", answer 10

Let's face it, you and I will never see eye to eye on this.

Correct answer: (c) face

Your answer was: incorrect
Let's see it, you and I will never see eye to eye on this.
_________________________

What does it mean?
Let's face it?

[Torsten]

If you face facts you agree with something that is obvious, you accept the truth.

TOEIC listening, talks: Safety regulations in a nature park