The problem asks for the volume of a pyramid inscribed within a cube.
The base of the pyramid is one face of the cube.
Base Area $= s \times s = 12 \text{ cm} \times 12 \text{ cm} = 144 \text{ cm}^2$.
The height ($h$) of the pyramid is the perpendicular distance from the apex to the base. Since the apex is at the center of the top face and the base is the bottom face, the height is equal to the cube's edge length.
Height, $h = s = 12 \text{ cm}$.
The formula for the volume ($V$) of a pyramid is:
$V = \frac{1}{3} \times \text{Base Area} \times h$
Substitute the calculated values:
$V = \frac{1}{3} \times 144 \text{ cm}^2 \times 12 \text{ cm}$
$V = \frac{1}{3} \times 1728 \text{ cm}^3$
$V = 576 \text{ cm}^3$
The volume of the inscribed pyramid is $576 \text{ cm}^3$. This matches Option B.