Final answer:
Variables in Python can represent many data types, are case-sensitive, and can be initialized with the equals sign.
Step-by-step explanation:
The correct statement regarding variables in Python is: c. Variables in Python can be initialized using the equals sign (=). Variables in Python are not limited to representing strings; they can represent various data types. Variable names are case-sensitive, which means the same variable name in different cases would be considered as different variables. Variables do not start out as zero; they must be initialized, which can be done using the equals sign.