The area of the circular sheet is:
\[
\text{Area of large circle} = \pi r^2 = \pi (20)^2 = 400\pi \, \text{cm}^2
\]
The area of one small circle (cut portion) is:
\[
\text{Area of one small circle} = \pi (5)^2 = 25\pi \, \text{cm}^2
\]
Since there are 4 small circles, the total area cut out is:
\[
\text{Total area cut} = 4 \times 25\pi = 100\pi \, \text{cm}^2
\]
The uncut area is:
\[
\text{Area uncut} = 400\pi - 100\pi = 300\pi \, \text{cm}^2
\]
Thus, the ratio of uncut to cut portions is:
\[
\frac{300\pi}{100\pi} = 3:1
\]
Therefore, the answer is c. 3:1.