Concept: This question tests the understanding of the structure and function of a synapse, specifically where neurotransmitters exert their effect.

Why (B) is correct: When an action potential reaches the axon terminal, neurotransmitters are released into the synaptic cleft. These neurotransmitters then bind to specific receptor sites located on the post-synaptic membrane of the dendrite or cell body of the next neuron. This binding initiates a new electrical signal (excitatory or inhibitory) in the post-synaptic neuron.

Why other options are wrong:
(A) tips of axons: Axon tips (axon terminals) release neurotransmitters, but do not primarily have receptor sites for them.
(C) membranes of synaptic vesicles: Synaptic vesicles store neurotransmitters; their membranes are involved in release, not reception.
(D) pre-synaptic membrane: The pre-synaptic membrane releases neurotransmitters; it may have autoreceptors, but the primary receptor sites for transmission are post-synaptic.

Common Mistake: Students sometimes confuse the pre-synaptic and post-synaptic membranes regarding their primary roles in neurotransmission.

NEET Tip: Remember the flow: Pre-synaptic neuron releases → Neurotransmitter in synaptic cleft → Binds to Post-synaptic receptor.

Correct Answer: (B)