"My answer is no."
Translation:Benim cevabım hayır.
Cevap is a noun. Here, it is the subject of the sentence. -Im is a possessive suffix indicating whose answer it is (in this case, 'my answer,' so it's first person). The benim is optional and used for emphasis--the key indicator of possession gets attached to the noun being possessed. This is a "to be" sentence (although the verb to be is not stated in Turkish), so the rest of the sentence, the word hayır, is giving the identity of the subject. Hope that's all clear!