Final answer:
The statement is true; Splunk Cloud is a fully managed service that does not require an on-premises environment, as it is hosted and supported by Splunk.
Step-by-step explanation:
The statement Splunk Cloud is hosted and supported by Splunk; one does not need one's own environment on-premises is true. Splunk Cloud is a cloud-based service that allows organizations to search, analyze, and visualize the data generated by their technology infrastructure, security systems, and business applications without the need for installing, managing, or operating infrastructure of their own. This service is provided as a Software as a Service (SaaS) offering, and is fully managed by Splunk, which includes everything from the underlying infrastructure to software maintenance and upgrades.