Step 1: Lipid classes
Wax is an ester of a fatty acid with a long-chain alcohol, so it is a simple lipid: A matches III. Sterols such as cholesterol are derived lipids: B matches IV.
Step 2: Fatty acids
Oleic acid has one C=C double bond, so it is unsaturated: C matches I. Palmitic acid has no double bond, so it is saturated: D matches II.
Step 3: Conclusion
The pairing is A-III, B-IV, C-I, D-II.
Final Answer:
The correct matching is A-III, B-IV, C-I, D-II.
\[ \boxed{\text{(C) }\text{A - III, B - IV, C - I, D - II}} \]