Which statement best describes a service level agreement?

ITIL 4 Foundation, objective 7. Seven ITIL practices in detail easy

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The options

Not correct A record of the resources, configurations and dependencies that make up a service

That is closer to configuration information held about a service. It is technical description, not an agreed performance commitment.

Not correct A structured list of all live services the provider offers, with details of how they can be requested

That describes a service catalogue. A catalogue advertises what is available; an SLA commits to how well a named service will perform.

Correct A documented agreement between a service provider and a customer that identifies both the services required and the expected level of service

Correct. That is the definition: it names the services in scope and the level of service both parties have agreed to expect.

Not correct A statement of the maximum time a service may be unavailable before a penalty is applied to the supplier

A penalty clause may appear inside an agreement, but an SLA is the whole documented agreement about services and service levels, not just an availability threshold and its consequence.

Why

An SLA has two essential halves: it identifies which services are covered, and it states the expected level of service. Options that describe only a list of services, only technical composition, or only one target with a penalty each miss one of those halves.

Where this comes from

Cited
ITIL 4 syllabus clause 7

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