What is the difference between the read$()$ and readlines$()$ methods when used on a File object?

Question $92$ options:

read$()$ reads the entire file as a single string, while readlines$()$ returns a list of lines in the file.

read$()$ and readlines$()$ both return the entire file content as a single string.

read$()$ reads only the first character of the file, while readlines$()$ reads the first line.

read$()$ updates the file content, whereas readlines$()$ reads the content without changes.