A piece of paper is folded and punched as shown below in the question figures. From the given answer figures, indicate how it will appear when opened.
[Paper folded twice into a quarter size, and two small triangular punches made near the fold edge]

Let's trace the unfolding of the paper:
The paper is folded in half and then folded in half again into a quarter.

Two cuts are made along the inner folded edge.

Unfolding it horizontally first will mirror the cuts symmetrically across the vertical fold.

Unfolding it vertically next will mirror all four cuts across the horizontal fold line.

This creates a symmetric pattern of 4 pairs of cuts evenly distributed across the center axes. Figure A correctly depicts this configuration.