Recognize the quadratic tested: x^2 - y^2 = (x-y)(x+y). Rephrase: what is (x-y)(x+y)?. Statement (1) is not sufficient (just plug in different values for x,y and test) but (2) is sufficient since multiplying both sides by (x+y) gives us the value we need.
The answer is B. I go through the question in detail in the full solution below (taken from the GMATFix App).