Arrange the following terms in the order of decreasing denotation:

The order of decreasing denotation runs Liquid, Beverages, Carbonated drinks, Cola Fizz.

Denotation is the range of things a term covers, so the arrangement moves from widest to narrowest.

Liquid is the broadest term and comes first.

Beverages are a narrower class of liquids, and carbonated drinks are a narrower class of beverages.

Cola Fizz is one specific carbonated drink, the narrowest, so it comes last.

So the decreasing sequence is 4, 2, 1, 3.