Concept:
The equation of a tangent line is found using the point-slope form $y - y_1 = m(x - x_1)$. The slope $m$ is the value of the first derivative of the function evaluated at the given $x$-coordinate, and $(x_1, y_1)$ is the point of tangency on the original curve.
Step 1: Find the y-coordinate of the point of tangency.
Substitute $x = 1$ into the original function to find the corresponding $y$ value:
$$y_1 = -2(1)^2 + 3$$
$$y_1 = -2 + 3 = 1$$
The point of tangency is $(1, 1)$.
Step 2: Find the first derivative of the function.
Differentiate $y = -2x^2 + 3$ with respect to $x$:
$$\frac{dy}{dx} = -2(2x) + 0$$
$$\frac{dy}{dx} = -4x$$
Step 3: Evaluate the derivative to find the slope (m).
Substitute $x = 1$ into the derivative to find the slope of the tangent line at that point:
$$m = -4(1) = -4$$
Step 4: Set up the point-slope equation.
Use the point $(1, 1)$ and the slope $m = -4$ in the point-slope formula:
$$y - y_1 = m(x - x_1)$$
$$y - 1 = -4(x - 1)$$
Step 5: Simplify into slope-intercept form.
Distribute the $-4$ and isolate $y$:
$$y - 1 = -4x + 4$$
$$y = -4x + 4 + 1$$
$$y = -4x + 5$$
Hence the correct answer is (B) $y=-4x+5$.