The figures show how a square sheet of paper is folded along the dotted line (the arrow shows the direction of folding) and then punched. Which option shows the sheet after it is completely unfolded?

Answer & explanation
Correct answer: option 2
The correct answer is Option (2) →

When a folded sheet is opened, every hole is repeated as its mirror image across each fold line, the last fold being opened first. Here the lower-left part is folded onto the upper-right part, so opening it copies each of the 2 holes across the diagonal fold line (top-left to bottom-right). So the opened sheet has 4 holes, placed symmetrically about the fold line.

Option (1) — Incorrect. It has an extra hole: the opened sheet has 4 holes, this option shows 5 holes.
Option (3) — Incorrect. The holes have been copied across the other diagonal (top-right to bottom-left) instead of across the diagonal fold line (top-left to bottom-right), so they are in the wrong places.
Option (4) — Incorrect. One of the copies is missing: the opened sheet has 4 holes, this option shows only 3 holes.