Final answer:
The correct statements about solutes and solutions are II and IV. A solute can be a gas, liquid, or solid that dissolves in a solvent, and a solution is a homogeneous mixture of these two.
Step-by-step explanation:
The correct statements in regard to solutes and solutions are "II. A solute can exist as a gas, liquid, or solid." and "IV. A solution is a mixture." Thus, the right answer is C. II, IV. Statement I is incorrect because when a solute dissolves in a solvent, it forms a solution, not a suspension.
A suspension is a mixture where the solute particles do not dissolve but are suspended within the solvent and may settle over time. Statement III is incorrect because a solute can certainly be a compound; it's not limited to elements or other simpler substances. For example, table salt (NaCl) is a compound that can serve as a solute in water.