Step 1: Understanding the properties of radiation.
Gamma rays have the highest penetration range and lowest ionization power, while alpha particles have the highest ionization power but the lowest penetration range.
Step 2: Conclusion.
Therefore, the correct order is \( \gamma, \beta, \alpha \) for penetration and \( \alpha, \beta, \gamma \) for ionization. Hence, the correct answer is option (B).
Final Answer:
\[
\boxed{\text{(B) } \gamma, \beta, \alpha \text{ and } \alpha, \beta, \gamma \text{ respectively}}
\]