The correct answer is: C. The text box and text both are deleted.
When you delete a text box object from a slide in PowerPoint Presentation, the text box and the text inside are both deleted. The text is not pasted on the slide.
Option A is incorrect because the text box is deleted along with the text inside.
Option B is incorrect because the text is deleted along with the text box.
Option D is incorrect because the text box and text are both deleted.