I chose the answer B. is this correct?

If the range of y= 1/f(x) is {y|y<-1/4= or y>0,yER}, then the range of y= f(x)
may be?
A) {y|y<-4 ,yER}
B) {y|y>-4 ,yER}
C) {y|y>-1/4 ,yER}
D) {y|-4<y<-1/4,yER}

B looks good.

Consider f(x) = 4(x^2 - 1)

That's if you meant
If the range of y= 1/f(x) is {y|y≤-1/4 or y>0,yER}
and B is {y|y≥-4 ,yER}
If you really meant < and >, then x=0 must be excluded from the domain.