What is the difference between the margin and padding properties?

1.  Margin adds space around and inside of an element; padding adds space only inside of an element.
2.  Margin adds space around an element; padding adds space inside of an element.
3.  Margin adds a line around an element, padding adds space inside of an element.
4.  Margin adds space inside of an element, padding adds space around an element.

Correct Answer:

•  Margin adds space around an element; padding adds space inside of an element.