Step 1 :The problem is asking for the number of ways to choose a president and a treasurer from a group of 5 people, where no one can hold more than one office. This means that the same person cannot be both the president and the treasurer.
Step 2 :Therefore, for each choice of president, there are 4 remaining choices for treasurer. Since there are 5 choices for president, the total number of ways to choose a president and a treasurer is \(5 \times 4 = 20\).
Step 3 :The correct list of possible pairs of presidents and treasurers is option B, because it includes all possible pairs where the president and treasurer are different people.
Step 4 :Final Answer: The correct list of possible pairs of presidents and treasurers is option B. The number of ways a president and treasurer can be elected is \(\boxed{20}\).