What accepting actually does to a balance
It attaches a wagering requirement to funds that were freely withdrawable a moment ago. Until the requirement is met, requesting a withdrawal usually either fails or voids the bonus and anything it produced.
So the trade is explicit: a larger number on screen in exchange for temporarily losing control of it. Whether that is worth it depends entirely on the four clauses, and pricing them takes thirty seconds.

How to decline
A checkbox or a toggle on the deposit screen at most operators. Where there is no control, a message to support before depositing usually does it. Some cashiers apply an offer automatically, which is exactly why the deposit screen is worth reading rather than clicking through.
If a bonus has already been credited, many operators will remove it on request provided nothing has been played through. That window closes quickly.
When accepting is right
When you intend a long session anyway, the multiple applies to the bonus alone, the weighting matches what you actually play, and the cap does not bind. Those conditions do co-occur and the offer is then real value.
When you intend to withdraw within a week or two, almost never. That is the case where declining is straightforwardly better and where nobody will suggest it to you.
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