Concept:
The Earth has two distinct motions: spinning on its own axis, and travelling around the Sun. Each motion has a specific name.
Step 1:
The spinning of the Earth on its own axis is called Rotation, and it causes day and night. So Statement-I, which calls axial motion Revolution, is incorrect.
Step 2:
The movement of the Earth around the Sun in a fixed orbit is called Revolution, and it causes the seasons and the year. So Statement-II, which calls the orbital motion Rotation, is also incorrect.
Answer: Option (4) — Both statement-I and statement-II are incorrect.