Note that through any given point in xy plane, you can draw infinite lines. So, obviously statement 1 and 2 are insufficient.
However, given x and y intercept, note the following that will come in handy in solving problems:
given an x intercept say a, and y intercept, say b, note the following properties:
1. The line goes through the point (a,0) and (0,b) because on x-axis y co-ordinate is zero and on y-axis x coordinate is zero.
2. The slope can be easily found out by the formula (y2-y1)/(x2-x1) = -b/a
3. The equation of the line given the x intercept and y intercept is x/a + y/b = 1.
look at the simplicity of this equation, it will satisfy the property 1, if you plug in x=0 or y =0.
4. given x and y intercept as a and b, the line forms a right triangle with the origin (0,0), (a,0) and (0,b). This triangle has the area of |1/2 * a * b|
because the base is a and the height is b.
Coming back to the problem, the answer is C.