Which term refers to any narrative or legend involving heroic exploits?

The correct choice is "saga." A saga specifically refers to a long narrative, often originating from Norse or Icelandic literature, that recounts the heroic exploits of individuals, families, or entire communities. Sagas typically emphasize journeys, battles, and the themes of honor and legacy, making them a fitting term for narratives involving heroic deeds.

While other terms relate to storytelling, they do not encompass the same scope as a saga. An epic, for example, is a lengthy narrative poem that often highlights the adventures of a singular hero and is rooted in a particular culture’s ideals. A novel is a fictional narrative of substantial length that explores characters and themes but may not necessarily center on heroism. A ballad is a form of verse often set to music, which tells a story but is usually shorter and focused on a specific event or emotional moment rather than the broader scope of heroic exploits.