Correct option is B
Given: VNQ, SKN, PHK, MEH, ?

Logic: Letters are decreasing - 3 place.
V - 3 = S, S - 3 = P, P - 3 = M, M - 3 = J
N - 3 = K, K - 3 = H, H - 3 = E, E - 3 = B
Q - 3 = N, N - 3 = K, K - 3 = H, H - 3 = E
So, the missing term is JBE.
Thus, correct option is (b).