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does (exactly) what it says on the tin

(Something) does precisely what it claims or is supposed to do. Primarily heard in UK, Ireland. This budget hostel isn't glamorous but does exactly what it says on the tin: it gives you a place to sleep at a very affordable price. This no-frills antivirus software is straightforward and does what it says on the tin.
See also: does, on, say, tin, what

not exactly

1. Not quite; not too far from the truth. A: "So you'll be moving back to the city for the new job then?" B: "Not exactly. The wife and kids will stay where they are, and I'll commute back to them for the weekends." A: "Does that make me the manager?" B: "Not exactly—more like a co-manager with Ken."
2. Used sarcastically or ironically to mean "not at all." What do you think of the painting? I'm not exactly Picasso, but I think it turned out pretty well. They won't exactly be pleased to see us after the way the last dinner party went.
See also: exactly, not

not exactly

1 used when you are saying the opposite of what you really mean: He wasn’t exactly pleased to see us — in fact he refused to open the door.It’s not exactly beautiful, is it? (= it’s ugly)
2 used when you are correcting something that somebody has said: ‘So he told you you’d got the job?’ ‘Not exactly, but he said they were impressed with me.’
See also: exactly, not
References in classic literature ?
It was they who changed the little house you saw before you into the fountain for which you are now asking, and, having turned me into a frog, they ordered me to say to the first person who came to the fountain exactly what I repeated to you.
Furthermore, the weights of different elements will not accord exactly with the number of atomic mass units they possess.
Exactly how shadow matter relates to ordinary matter depends on assumptions made in the structure of the theory, and here Kolb, Seckel and Turner engage in some "what if: arguments.