1. Determine Orientation: Vertex is at $(0, 0)$.
Focus is at $(0, -2)$.
Since the focus lies on the negative $y$-axis, the parabola opens downwards. The standard form for a downward-opening parabola with vertex at origin is:
$$x^2 = -4ay$$
2. Find the value of 'a': The value of $a$ is the distance between the vertex and the focus.
$$a = \text{Distance between } (0, 0) \text{ and } (0, -2) = 2$$
3. Form the Equation: Substitute $a = 2$ into the standard form:
$$x^2 = -4(2)y$$
$$x^2 = -8y$$
Option (B) is the correct representation.