Final answer:
The iris is responsible for regulating the amount of light that enters the eye by adjusting the size of the pupil based on light intensity.
Step-by-step explanation:
The component of the eye that regulates the amount of light entering it is the iris. When light enters the eye, it first passes through the cornea, which is a clear, protective outer layer. The light then reaches the pupil, which is the opening through which light enters the eye. The size of the pupil is controlled by the iris, which adjusts based on the intensity of the surrounding light. In bright light, the iris contracts making the pupil smaller, and in dim light, it relaxes making the pupil larger. Therefore, the correct answer to the question "This flowery sounding name regulates the amount of light entering the eye" is B) Iris.