The correct option is A Whipped cream
All the given substances are colloids as mentioned below:
1. Whipped cream- Gas in liquid (foam)
2. Cheese- Liquid in solid (solid emulsion/gel)
3. Smoke- Solid in gas (aerosol)
4. Fog- Liquid in gas (aerosol)
Thus, only whipped cream, out of the given options has liquid as dispersion medium.