Question

Yo tengo el pastel.

Answer 1

I have a cake.
You have the cookies.
He has the cookies.
She has the cake.

Answer 2

The best answer would be "Usted tiene las galletas".

Galletas is the word for "cookies".  Pastel is "cake".  The woman in the photo is holding a tray of cookies so the correct answer must include the word "galletas".

The two choices with "galletas" have the subjects "Usted" and "Él".  "Usted" is the formal form of the word "you", and "él" is "he".  The person in the photo is a woman so "él" is incorrect.  It must be the sentence with "usted".

Hope this helps!!