Correct Answer: BNKNQ

Solution : Given:
DRAWING is written as CQZVHMF –

Subtract 1 from the place value of each letter of DRAWING to obtain the required code –
D – 1 = C; R – 1 = Q; A – 1 = Z; W – 1 = V; I – 1 = H; N – 1 = M; G – 1 = F
Thus, DRAWING is coded as CQZVHMF.
And, TURQUOISE is written as STQPTNHRD –
T – 1 = S; U – 1 = T; R – 1 = Q; Q – 1 = P; U – 1 = T; O – 1 = N; I – 1 = H; S – 1 = R; E – 1 = D
Thus, TURQUOISE is coded as STQPTNHRD.
Similarly, follow the same pattern for COLOR –
C – 1 = B; O – 1 = N; L – 1 = K; O – 1 = N; R – 1 = Q

So, COLOR is coded as BNKNQ. Hence, the first option is correct.