Which of the following small boats typically features two masts and is used for sailing?

The choice of a yawl is accurate because a yawl is a type of small sailing vessel that indeed features two masts. The main mast is taller than the mizzen mast, which is positioned towards the stern (the back of the boat). This design enhances the boat's balance and maneuverability, particularly under sail. A yawl is primarily used for sailing, making it distinct in its functionality compared to other types of small boats.

In contrast, a yacht, while it can have two masts, is a broader category that may include larger luxury vessels and does not specifically denote a small sailing boat with the traditional rigging of a yawl. A skiff is generally a small, flat-bottomed boat that is often used for rowing rather than sailing. Lastly, a catboat is typically characterized by having only one mast, which means it does not align with the requirement of featuring two masts like a yawl. Hence, the specificity and structure of a yawl make it the correct answer in this context.