Correct option is C
Given: LBW 1, NEU -2, PHS -5, RKQ -8, ?

Logic: 1st letter + 2, 2nd letter + 3, 3rd letter - 2 and number is decreases by 3 place.
For, 1st letter
L + 2 = N, N + 2 = P, P + 2 = R, R + 2 = T
For, 2nd letter
B + 3 = E, E + 3 = H, H + 3 = K, K + 3 = N
For, 3rd letter
W - 2 = U, U - 2 = S, S - 2 = Q, Q - 2 = O
For, number
1 - 3 = -2, - 2 - 3 = -5, -5 - 3 = -8, -8 - 3 = -11
So, the missing term is TNO -11.
Thus, correct option is (c).