The correct statement about web-based applications is:
You must have an internet connection to use a web application.
Web applications typically run on a server and require an internet connection to access them through a web browser. The other statements are incorrect for the following reasons:
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Web applications process information locally on your computer: This is not true as web applications generally process information on the server side rather than locally.
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The web version of a desktop application has all the same features as the desktop version: This is often not the case, as web applications may have limited features compared to their desktop counterparts due to platform differences.
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Before you can use a web application, you must install it on your computer: This is incorrect since web applications do not require installation; they can be accessed directly via a web browser.