To solve this problem, we need to identify the correct terminology for the arms of a submetacentric chromosome.$\newline$A submetacentric chromosome has two arms of unequal length:$\newline \bullet$The shorter arm is referred to as the $\textit{p-arm}. \newline \bullet$The longer arm is referred to as the $\textit{q-arm}. \newline$This nomenclature is standard in cytogenetics, where $\textit{p}$ stands for $\textit{petit}$ (French for small) and $\textit{q}$ follows $\textit{p}$ in the alphabet.$\newline$Therefore, the correct option is Option 2: $\textit{p-arm \ and \ q-arm}$ respectively.