Final answer:
The CollectionBase class in .NET provides an underlying ArrayList as a base for custom classes, making the correct answer 1) List.
Step-by-step explanation:
The CollectionBase class provides an underlying data structure, which is an ArrayList, that you can use as a base for your own custom collection class. The correct answer to which underlying data structure the CollectionBase class provides is 1) List, because ArrayList is a type of List that allows us to create a resizable array. As a base class, the CollectionBase class enables the creation of collections that have functionalities similar to an ArrayList, such as adding, removing, and searching for items in the collection.