Regarding the punctuation of quotations, which of the following sentences is correct?

None, apparently, since there are no sentences.

To determine the correct punctuation of quotations, you need to consider the different styles and conventions used in writing. There are two main styles for punctuating quotations: American style and British style.

In American style, the general rule is to place punctuation marks (such as commas and periods) inside the quotation marks, regardless of whether they are part of the original quote or not. For example:

- She said, "I love reading books."
- "Did you watch the movie 'Titanic'?" he asked.

In British style, the general rule is to place punctuation marks outside the quotation marks, unless the punctuation is part of the original quote. For example:

- She said, "I love reading books".
- "Did you watch the movie 'Titanic'?" he asked.

Considering the two sentences you provided:

1. "The cat is black"!
2. "The cat is black!"

The first sentence ("The cat is black"!) follows American style punctuation, where the exclamation mark is placed inside the quotation marks. The second sentence ("The cat is black!") follows British style punctuation, where the exclamation mark is placed outside the quotation marks.

Both styles are widely accepted, but it's important to be consistent within your writing and adhere to the style guide or conventions relevant to your context or audience.