Final answer:
The application used for storing, modifying, extracting, and searching data is Microsoft Excel. It is designed as a spreadsheet program for various data management tasks, which differentiates it from other options like Photoshop (image editing), Notepad (text editing), and PowerPoint (presentations).
Step-by-step explanation:
The application suitable for storing, modifying, extracting, and searching data is Microsoft Excel (Option B). Excel is a spreadsheet program that allows users to organize data in a tabular form and perform a variety of data management tasks, including calculations, data analysis, graphing tools, pivot tables, and a macro programming language called Visual Basic for Applications. It is widely used for these purposes in both business and academic settings.
While other options like Photoshop, Notepad, and PowerPoint also deal with data, they do not offer the same functionality for data management as Excel does. Photoshop is mainly used for image editing, Notepad is a basic text editor, and PowerPoint is used for creating presentations.