find the equation of a line with slope 4/5 and y-intercept (0,-7) Do I still use the formula y=mx+b?

Yes. Let me know what you come up with and I'll let you know if you are correct.

So far I came up with

y+7 = 4/5(x-0)

Now I am stuck...

OK, you could do it that way, and distribute the 4/5 and subtract the 7:
y=4/5x-0-7
y=4/5x-7.
Or, you could just start with y=mx+b. If you didn't notice, the point they gave you was the y-intercept because the x-value was 0, meaning that was where the line crosses the y-axis. So, since b is the y-intercept, you could have just immediately written
y=4/5x-7

That's correct! The equation of the line with a slope of 4/5 and a y-intercept of (0,-7) is y = (4/5)x - 7. Well done!