The entire quatrain where that phrase is found talks about time itself. It says that time gives beauty, thus making that particular person handsome, but time also takes away that same beauty - unfair which fairly doth excel. What was once young and beautiful will become old and wither as time goes by.
I believe that the answer to this question is A. loss of innocence.
The answer to this question will be A. Hypothesis
Exclamation point because it's not formal or professional
The first person point of view is someone in which is telling his or her story by their perspective.