Final answer:
A stretched rubber band stores potential energy, which is the energy of an object due to its position or state. Upon release, this energy is transformed into kinetic energy, the energy of motion. Damping forces can convert mechanical energy into thermal energy. Therefore, the correct option is B.
Step-by-step explanation:
When a rubber band is stretched, it is storing potential energy. Potential energy is the energy that is stored in an object due to its position, state, or condition. For instance, the energy in a chocolate bar is chemical energy, which is a type of potential energy as well due to the particular arrangement of atoms within the compound. When the rubber band is released, this potential energy is transformed into kinetic energy, which is the energy of motion. An example of kinetic energy is a skater gliding on the ice. It is also important to note that when a damping force is applied to a system, like in damped harmonic motion, it usually removes mechanical energy from the system, often converting it into thermal energy.