To determine which point is on the graph of the function \( y = (2x + 1) - 4 \), we can simplify the function first:
\[ y = 2x + 1 - 4 = 2x - 3 \]
Now, we can verify each of the given points by substituting the \( x \) values into the function and checking if the corresponding \( y \) value is obtained.
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For the point \( (1, 2) \): \[ y = 2(1) - 3 = 2 - 3 = -1 \quad (\text{Does not match } 2) \]
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For the point \( (-1, -5) \): \[ y = 2(-1) - 3 = -2 - 3 = -5 \quad (\text{Matches } -5) \]
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For the point \( (-1, -3) \): \[ y = 2(-1) - 3 = -2 - 3 = -5 \quad (\text{Does not match } -3) \]
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For the point \( (0, -2) \): \[ y = 2(0) - 3 = 0 - 3 = -3 \quad (\text{Does not match } -2) \]
The only point that satisfies the equation is \( (-1, -5) \).
So the point on the graph is \( \boxed{(-1, -5)} \).