Correct Answer: Razor : Beard

Solution : Given:
Scissors : Cloth :: ? : ? (This depicts that the scissors are used to cut cloth.)

First option: Pen : Ink; A pen uses ink to write or draw, but it's not a tool that acts on ink.
Second option: Razor : Beard; Razor is used to shave a beard.
Third option: Furnace : Smoke; A furnace is an appliance used for heating or generating heat.
Fourth option: Nail : Hammer; Hammer is the tool or instrument used to drive the nail into another object, like wood or a wall. But here, the order of words is not according to the question's pair.

So, only the second option follows the same pattern as followed by the given pair. Hence, the second option is correct.