For two lines to be parallel, they have must the same slope. The slope of the given line is -1/4, hence the slope of the other line must be -1/4 as well.
To determine the equation of the line having the slope of -1/4 and passing through the point (2, -1), we can use the formula below:

Let's plug in the given information above to the formula.

Then, solve for y.

Therefore, the equation of the line must be y = -1/4x - 1/2 (Option C).