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Business Plan MCQs

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Try to answer these 20+ Business Plan MCQs and check your understanding of the Business Plan subject. Scroll down and let's begin!

1: Balance sheet is a financial document that shows the _____ for a business.

A.   Assets

B.   Liabilities

C.   Owner’s equity

D.   All of them

2: Business plan is a document describing a business that is used to test the _____ of a business idea, to raise capital, and to serve as a road map for future operations.

A.   Feasibility

B.   Impossibility

C.   Impracticability

3: Business plan is a document describing a business that is used to test the feasibility of a business idea _____ as a road map for future operations.

A.   To raise capital, and to serve

B.   To decrease capital, and to serve

C.   To demote capital, and to serve

D.   Both b and c

4: Cash flow statement is a financial document that shows :

A.   Amount of money on hand

B.   Receipts coming into the business

C.   Money going out of the business

5: _____ is a financial document that shows the amount of money a business has on hand at the beginning of a time period.

A.   Cash flow Statement

B.   Profit-and-Loss Statement

C.   Disclosure Statements

D.   None of them

6: Executive summary is a condensed abstract of a business plan used to ?

A.   Spark reader’s interest

B.   Highlight crucial information

C.   Purpose of report

7: Feasibility Study is a tool for assessing parts of the business plan and determining if the idea will work.

A.   Business plans

B.   Determining if the idea works

C.   Scheduling considerations

8: _____ is a financial document that shows sales revenues, expenses, and net profit or loss.

9: profit-and-loss statement is a financial document that shows .

A.   Sales revenues

B.   Expenses

C.   Net profit or loss

D.   All of the above

10: Sources and uses of funds is a _____ used by start-up businesses that shows where capital comes from and what it will be used for.

A.   Financial document

B.   Transactionals documents

C.   Public documents

D.   Consumer documents

11: In the business model canvas, a value proposition identifies ______.

A.   Who the most important customers are

B.   A customer problem and solution for the business

C.   The key resources needed for the business

D.   Valuable partners for the business

12: What is the purpose of the business model canvas?

A.   To test hypotheses about a new business idea

B.   To create a feedback loop with the customer

C.   To develop a preliminary cash flow statement

D.   To market test the new business idea

13: When an investor reviews a management team, what are they typically looking for?

A.   A group of entrepreneurs with very similar backgrounds.

B.   A team of people who gets along well.

C.   A team with complementary skills and experience.

D.   A team of good financial managers.

14: What statement best describes the lean start-up approach to starting a business?

A.   Make do with as little resources as possible in order to minimize debt.

B.   Produce a product as quickly as possible and get customer feedback in order to redesign the product.

C.   Get the business up and running as quickly as possible in order to start generating revenues.

D.   Try to reach profitability as quickly as possible with as few products as possible.

15: Which statement best describes why entrepreneurs conduct a feasibility analysis?

A.   To gather competitive intelligence for the new business

B.   To match the customer needs and the new business product

C.   To match the customer needs and the new business product

D.   To decide whether the new business is viable

16: An investor can determine ______ from the cash flow statement.

A.   The timing for when the business collects payment

B.   How long it takes the products to sell

C.   How many customers the business has

D.   The amount of total debt the business has

17: What impression does an investor get from a business plan that is overly optimistic?

A.   That the business cannot fail

B.   That the entrepreneur did not do his/her homework

C.   That the assumptions are correct

D.   There are no risks to backing this business

18: A business model identifies ______.

A.   Sources of revenues

B.   Capital requirements

C.   Customer segments

D.   Potential investors

19: Who is the executive summary directed towards?

A.   Potential customers

B.   Potential investors

C.   Potential employees

D.   Potential consultants

20: What critical information does the break-even analysis provide?

A.   The price of your product you should charge to cover the costs.

B.   The price of your product you should charge to cover the costs.

C.   Whether there is a demand for your product.

D.   The cost structure of developing and manufacturing your product.

21: What makes a business pitch compelling?

A.   Selling that you are the right person with the right idea.

B.   Focusing on the innovativeness of the product.

C.   Having a set format for you pitch.

D.   Explaining in detail the financials of the business.

22: A(n) ______ is a two-sentence summary that explains your business quickly.

A.   Executive summary

B.   Cover page

C.   Abstract

D.   Elevator pitch

23: An investor can determine ______ from the profit-and-loss statement.

A.   The gross margin of the products

B.   The amount of debt the business has

C.   The capital needed for start-up

D.   The amount of cash on hand at the end of the month

24: What is the purpose of a business plan?

A.   To calculate the cash flow of the business

B.   To help find customers for the business

C.   To test the feasibility of the business

D.   To assess the competition of the business

25: What financial information is in a balance sheet?

A.   Assets and liabilities of the business

B.   Start-up costs of the business

C.   Information about capital and how it will be used

D.   Money that enters and exits a business

26: Process choice is _________ driven.

A.   Demand

B.   Operations

C.   Marketing

D.   Process

E.   Capacity

27: Product design and process selection are examples of _______ decisions.

A.   Financial

B.   Tactical

C.   System design

D.   System operation

E.   Forecasting

28: Production creates _______ utility.

A.   Place

B.   Time

C.   Form

D.   Possession

29: Products that are returned make up what is called the __________.

A.   Reorder fulfillment.

B.   Return logistics.

C.   Backflow

D.   Reverse supply chain

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20 Business Plan Quiz Questions and Answers

A business plan is a comprehensive document that outlines the goals, strategies, and financial projections of a business venture. It serves as a roadmap for entrepreneurs and stakeholders to understand the direction and viability of the business. Here’s an overview of the key components typically included in a business plan:

Executive Summary: This section provides a concise overview of the entire business plan. It highlights the company’s mission, vision, key objectives, and a summary of the proposed business model.

Company Description: Here, you’ll provide a detailed explanation of your business concept. Include the type of business, its legal structure, location, target market, and any unique selling propositions that set your business apart.

Market Analysis: Conduct thorough market research to understand your industry, target market, and competitors. Identify trends, potential opportunities, and challenges. Explain how your product or service will meet the needs of your target audience better than existing solutions.

Organization and Management: Describe the organizational structure of your business, including key team members, their roles, and relevant experience. Investors want to know that you have a capable team driving the venture.

Article overview

Part 1: 30 business plan quiz questions & answers.

1. Question: What is the primary purpose of a business plan? a) Secure funding b) Improve employee morale c) Enhance customer service d) Increase market competition Answer: a) Secure funding

2. Question: Which section of a business plan outlines the company’s mission and vision? a) Marketing strategy b) Financial projections c) Executive summary d) Company overview Answer: d) Company overview

3. Question: Which of the following is NOT a common business plan component? a) Competitive analysis b) SWOT analysis c) Cash flow statement d) Social media strategy Answer: d) Social media strategy

4. Question: What is the purpose of conducting a market analysis in a business plan? a) Determine the company’s competitors b) Develop financial projections c) Define the company’s mission d) Set employee goals Answer: a) Determine the company’s competitors

5. Question: Which section of a business plan highlights the company’s unique selling proposition (USP)? a) Marketing strategy b) Company description c) Competitive analysis d) Financial projections Answer: a) Marketing strategy

6. Question: What financial document shows a company’s revenues and expenses over a specific period? a) Balance sheet b) Cash flow statement c) Income statement d) Profit and loss statement Answer: c) Income statement

7. Question: In a business plan, what does ROI stand for? a) Return on Investment b) Revenue on Investment c) Risk of Inflation d) Rate of Interest Answer: a) Return on Investment

8. Question: Which business plan section outlines the marketing tactics to promote a product or service? a) Financial projections b) Market analysis c) Marketing strategy d) Company overview Answer: c) Marketing strategy

9. Question: What is a break-even analysis used for in a business plan? a) Identifying potential customers b) Calculating potential profits c) Determining the point of profitability d) Analyzing competitor strategies Answer: c) Determining the point of profitability

10. Question: In a business plan, what does the term “SWOT” stand for? a) Strengths, Weaknesses, Opportunities, Threats b) Sales, Workforce, Objectives, Technology c) Strategies, Workflow, Operations, Targets d) Success, Wealth, Objectives, Tactics Answer: a) Strengths, Weaknesses, Opportunities, Threats

11. Question: What is the purpose of an executive summary in a business plan? a) Provide an overview of the company’s history b) Detail the company’s long-term objectives c) Summarize the key points of the entire plan d) Highlight the company’s competitive advantages Answer: c) Summarize the key points of the entire plan

12. Question: Which financing option involves giving up ownership shares of a company in exchange for capital? a) Debt financing b) Equity financing c) Venture capital d) Angel investing Answer: b) Equity financing

13. Question: What does the term “KPI” mean in a business context? a) Key Performance Indicator b) Key Profit Increment c) Key Planning and Implementation d) Key Personnel Improvement Answer: a) Key Performance Indicator

14. Question: What section of a business plan should discuss the company’s organizational structure and management team? a) Market analysis b) Financial projections c) Company overview d) Marketing strategy Answer: c) Company overview

15. Question: What type of business plan primarily targets internal decision-making and planning? a) Startup business plan b) Strategic business plan c) Operational business plan d) Feasibility business plan Answer: c) Operational business plan

Part 2: Download business plan questions & answers for free

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16. Question: What external factor analysis tool helps identify the political, economic, social, and technological influences on a business? a) PEST analysis b) SWOT analysis c) BCG matrix d) Porter’s Five Forces Answer: a) PEST analysis

17. Question: Which statement best describes a vision statement in a business plan? a) Outlines the short-term goals of the company b) Identifies potential risks and challenges c) Describes the company’s future aspirations d) Analyzes the company’s target market Answer: c) Describes the company’s future aspirations

18. Question: What is the purpose of conducting a competitive analysis in a business plan? a) Identify potential partners b) Analyze customer feedback c) Evaluate strengths and weaknesses of competitors d) Forecast financial performance Answer: c) Evaluate strengths and weaknesses of competitors

19. Question: Which financing option involves borrowing money that must be repaid with interest over time? a) Debt financing b) Equity financing c) Venture capital d) Angel investing Answer: a) Debt financing

20. Question: What does the term “ROI” stand for in the context of financial analysis? a) Revenue on Investment b) Return on Innovation c) Risk of Inflation d) Return on Investment Answer: d) Return on Investment

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Entrepreneurship Management

1. Which one of the following theory has the attribute of moderate risk taking as a function of skill, not chance?

• Need for independence
• Need for achievement
• Need for affiliation
• Need for authority

2. Foundation companies are formed from:

• Research and development
• Most popular business
• winding up company

3. All of the following are the broad categories of External forces EXCEPT:

• Economic forces
• S Socioeconomic forces
• Technological forces
• Competitive forces

4. A ______________ is a professional money manager who makes risk investment from a pool of equity capital to obtain a high rate of return on investments.

• venture capitalist
• entrepreneur
• businessman

5. Members of distribution channels are excellent sources for new ideas because:

• They are familiar with the needs of the market
• They earn a handsome profit from new business
• They do not bother if entrepreneur bears a loss
• They have well-developed sales force

6. Which of the following geographical area is having least interest to U.S. entrepreneurs?

• The Far East
• Central Asia
• Transition economies

7. Andrew Carnegie is an example of entrepreneur of which century:

• Earliest period
• 19 th and 20 th century
• Middle ages
• 17 th century

8. The activity which occurs when the new venture is started are called:

• Business skills
• Departure point
• Goal orientation

9. The business plan should be prepared by:

• Entrepreneurs
• Consultants
• Small business administration services

10. What is the primary concern of founders who trade equity for capital for their growing venture?

• Capitalization
• Investor capabilities

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11.4 The Business Plan

Learning objectives.

By the end of this section, you will be able to:

• Describe the different purposes of a business plan
• Describe and develop the components of a brief business plan
• Describe and develop the components of a full business plan

Unlike the brief or lean formats introduced so far, the business plan is a formal document used for the long-range planning of a company’s operation. It typically includes background information, financial information, and a summary of the business. Investors nearly always request a formal business plan because it is an integral part of their evaluation of whether to invest in a company. Although nothing in business is permanent, a business plan typically has components that are more “set in stone” than a business model canvas , which is more commonly used as a first step in the planning process and throughout the early stages of a nascent business. A business plan is likely to describe the business and industry, market strategies, sales potential, and competitive analysis, as well as the company’s long-term goals and objectives. An in-depth formal business plan would follow at later stages after various iterations to business model canvases. The business plan usually projects financial data over a three-year period and is typically required by banks or other investors to secure funding. The business plan is a roadmap for the company to follow over multiple years.

Some entrepreneurs prefer to use the canvas process instead of the business plan, whereas others use a shorter version of the business plan, submitting it to investors after several iterations. There are also entrepreneurs who use the business plan earlier in the entrepreneurial process, either preceding or concurrently with a canvas. For instance, Chris Guillebeau has a one-page business plan template in his book The $100 Startup . 48 His version is basically an extension of a napkin sketch without the detail of a full business plan. As you progress, you can also consider a brief business plan (about two pages)—if you want to support a rapid business launch—and/or a standard business plan.

As with many aspects of entrepreneurship, there are no clear hard and fast rules to achieving entrepreneurial success. You may encounter different people who want different things (canvas, summary, full business plan), and you also have flexibility in following whatever tool works best for you. Like the canvas, the various versions of the business plan are tools that will aid you in your entrepreneurial endeavor.

Business Plan Overview

Most business plans have several distinct sections ( Figure 11.16 ). The business plan can range from a few pages to twenty-five pages or more, depending on the purpose and the intended audience. For our discussion, we’ll describe a brief business plan and a standard business plan. If you are able to successfully design a business model canvas, then you will have the structure for developing a clear business plan that you can submit for financial consideration.

Both types of business plans aim at providing a picture and roadmap to follow from conception to creation. If you opt for the brief business plan, you will focus primarily on articulating a big-picture overview of your business concept.

The full business plan is aimed at executing the vision concept, dealing with the proverbial devil in the details. Developing a full business plan will assist those of you who need a more detailed and structured roadmap, or those of you with little to no background in business. The business planning process includes the business model, a feasibility analysis, and a full business plan, which we will discuss later in this section. Next, we explore how a business plan can meet several different needs.

Purposes of a Business Plan

A business plan can serve many different purposes—some internal, others external. As we discussed previously, you can use a business plan as an internal early planning device, an extension of a napkin sketch, and as a follow-up to one of the canvas tools. A business plan can be an organizational roadmap , that is, an internal planning tool and working plan that you can apply to your business in order to reach your desired goals over the course of several years. The business plan should be written by the owners of the venture, since it forces a firsthand examination of the business operations and allows them to focus on areas that need improvement.

Refer to the business venture throughout the document. Generally speaking, a business plan should not be written in the first person.

A major external purpose for the business plan is as an investment tool that outlines financial projections, becoming a document designed to attract investors. In many instances, a business plan can complement a formal investor’s pitch. In this context, the business plan is a presentation plan, intended for an outside audience that may or may not be familiar with your industry, your business, and your competitors.

You can also use your business plan as a contingency plan by outlining some “what-if” scenarios and exploring how you might respond if these scenarios unfold. Pretty Young Professional launched in November 2010 as an online resource to guide an emerging generation of female leaders. The site focused on recent female college graduates and current students searching for professional roles and those in their first professional roles. It was founded by four friends who were coworkers at the global consultancy firm McKinsey. But after positions and equity were decided among them, fundamental differences of opinion about the direction of the business emerged between two factions, according to the cofounder and former CEO Kathryn Minshew . “I think, naively, we assumed that if we kicked the can down the road on some of those things, we’d be able to sort them out,” Minshew said. Minshew went on to found a different professional site, The Muse , and took much of the editorial team of Pretty Young Professional with her. 49 Whereas greater planning potentially could have prevented the early demise of Pretty Young Professional, a change in planning led to overnight success for Joshua Esnard and The Cut Buddy team. Esnard invented and patented the plastic hair template that he was selling online out of his Fort Lauderdale garage while working a full-time job at Broward College and running a side business. Esnard had hundreds of boxes of Cut Buddies sitting in his home when he changed his marketing plan to enlist companies specializing in making videos go viral. It worked so well that a promotional video for the product garnered 8 million views in hours. The Cut Buddy sold over 4,000 products in a few hours when Esnard only had hundreds remaining. Demand greatly exceeded his supply, so Esnard had to scramble to increase manufacturing and offered customers two-for-one deals to make up for delays. This led to selling 55,000 units, generating $700,000 in sales in 2017. 50 After appearing on Shark Tank and landing a deal with Daymond John that gave the “shark” a 20-percent equity stake in return for $300,000, The Cut Buddy has added new distribution channels to include retail sales along with online commerce. Changing one aspect of a business plan—the marketing plan—yielded success for The Cut Buddy.

Link to Learning

Watch this video of Cut Buddy’s founder, Joshua Esnard, telling his company’s story to learn more.

If you opt for the brief business plan, you will focus primarily on articulating a big-picture overview of your business concept. This version is used to interest potential investors, employees, and other stakeholders, and will include a financial summary “box,” but it must have a disclaimer, and the founder/entrepreneur may need to have the people who receive it sign a nondisclosure agreement (NDA) . The full business plan is aimed at executing the vision concept, providing supporting details, and would be required by financial institutions and others as they formally become stakeholders in the venture. Both are aimed at providing a picture and roadmap to go from conception to creation.

Types of Business Plans

The brief business plan is similar to an extended executive summary from the full business plan. This concise document provides a broad overview of your entrepreneurial concept, your team members, how and why you will execute on your plans, and why you are the ones to do so. You can think of a brief business plan as a scene setter or—since we began this chapter with a film reference—as a trailer to the full movie. The brief business plan is the commercial equivalent to a trailer for Field of Dreams , whereas the full plan is the full-length movie equivalent.

Brief Business Plan or Executive Summary

As the name implies, the brief business plan or executive summary summarizes key elements of the entire business plan, such as the business concept, financial features, and current business position. The executive summary version of the business plan is your opportunity to broadly articulate the overall concept and vision of the company for yourself, for prospective investors, and for current and future employees.

A typical executive summary is generally no longer than a page, but because the brief business plan is essentially an extended executive summary, the executive summary section is vital. This is the “ask” to an investor. You should begin by clearly stating what you are asking for in the summary.

In the business concept phase, you’ll describe the business, its product, and its markets. Describe the customer segment it serves and why your company will hold a competitive advantage. This section may align roughly with the customer segments and value-proposition segments of a canvas.

Next, highlight the important financial features, including sales, profits, cash flows, and return on investment. Like the financial portion of a feasibility analysis, the financial analysis component of a business plan may typically include items like a twelve-month profit and loss projection, a three- or four-year profit and loss projection, a cash-flow projection, a projected balance sheet, and a breakeven calculation. You can explore a feasibility study and financial projections in more depth in the formal business plan. Here, you want to focus on the big picture of your numbers and what they mean.

The current business position section can furnish relevant information about you and your team members and the company at large. This is your opportunity to tell the story of how you formed the company, to describe its legal status (form of operation), and to list the principal players. In one part of the extended executive summary, you can cover your reasons for starting the business: Here is an opportunity to clearly define the needs you think you can meet and perhaps get into the pains and gains of customers. You also can provide a summary of the overall strategic direction in which you intend to take the company. Describe the company’s mission, vision, goals and objectives, overall business model, and value proposition.

Rice University’s Student Business Plan Competition, one of the largest and overall best-regarded graduate school business-plan competitions (see Telling Your Entrepreneurial Story and Pitching the Idea ), requires an executive summary of up to five pages to apply. 51 , 52 Its suggested sections are shown in Table 11.2 .

Are You Ready?

Create a brief business plan.

Fill out a canvas of your choosing for a well-known startup: Uber, Netflix, Dropbox, Etsy, Airbnb, Bird/Lime, Warby Parker, or any of the companies featured throughout this chapter or one of your choice. Then create a brief business plan for that business. See if you can find a version of the company’s actual executive summary, business plan, or canvas. Compare and contrast your vision with what the company has articulated.

• These companies are well established but is there a component of what you charted that you would advise the company to change to ensure future viability?
• Map out a contingency plan for a “what-if” scenario if one key aspect of the company or the environment it operates in were drastically is altered?

Full Business Plan

Even full business plans can vary in length, scale, and scope. Rice University sets a ten-page cap on business plans submitted for the full competition. The IndUS Entrepreneurs , one of the largest global networks of entrepreneurs, also holds business plan competitions for students through its Tie Young Entrepreneurs program. In contrast, business plans submitted for that competition can usually be up to twenty-five pages. These are just two examples. Some components may differ slightly; common elements are typically found in a formal business plan outline. The next section will provide sample components of a full business plan for a fictional business.

Executive Summary

The executive summary should provide an overview of your business with key points and issues. Because the summary is intended to summarize the entire document, it is most helpful to write this section last, even though it comes first in sequence. The writing in this section should be especially concise. Readers should be able to understand your needs and capabilities at first glance. The section should tell the reader what you want and your “ask” should be explicitly stated in the summary.

Describe your business, its product or service, and the intended customers. Explain what will be sold, who it will be sold to, and what competitive advantages the business has. Table 11.3 shows a sample executive summary for the fictional company La Vida Lola.

Business Description

This section describes the industry, your product, and the business and success factors. It should provide a current outlook as well as future trends and developments. You also should address your company’s mission, vision, goals, and objectives. Summarize your overall strategic direction, your reasons for starting the business, a description of your products and services, your business model, and your company’s value proposition. Consider including the Standard Industrial Classification/North American Industry Classification System (SIC/NAICS) code to specify the industry and insure correct identification. The industry extends beyond where the business is located and operates, and should include national and global dynamics. Table 11.4 shows a sample business description for La Vida Lola.

Industry Analysis and Market Strategies

Here you should define your market in terms of size, structure, growth prospects, trends, and sales potential. You’ll want to include your TAM and forecast the SAM . (Both these terms are discussed in Conducting a Feasibility Analysis .) This is a place to address market segmentation strategies by geography, customer attributes, or product orientation. Describe your positioning relative to your competitors’ in terms of pricing, distribution, promotion plan, and sales potential. Table 11.5 shows an example industry analysis and market strategy for La Vida Lola.

Competitive Analysis

The competitive analysis is a statement of the business strategy as it relates to the competition. You want to be able to identify who are your major competitors and assess what are their market shares, markets served, strategies employed, and expected response to entry? You likely want to conduct a classic SWOT analysis (Strengths Weaknesses Opportunities Threats) and complete a competitive-strength grid or competitive matrix. Outline your company’s competitive strengths relative to those of the competition in regard to product, distribution, pricing, promotion, and advertising. What are your company’s competitive advantages and their likely impacts on its success? The key is to construct it properly for the relevant features/benefits (by weight, according to customers) and how the startup compares to incumbents. The competitive matrix should show clearly how and why the startup has a clear (if not currently measurable) competitive advantage. Some common features in the example include price, benefits, quality, type of features, locations, and distribution/sales. Sample templates are shown in Figure 11.17 and Figure 11.18 . A competitive analysis helps you create a marketing strategy that will identify assets or skills that your competitors are lacking so you can plan to fill those gaps, giving you a distinct competitive advantage. When creating a competitor analysis, it is important to focus on the key features and elements that matter to customers, rather than focusing too heavily on the entrepreneur’s idea and desires.

Operations and Management Plan

In this section, outline how you will manage your company. Describe its organizational structure. Here you can address the form of ownership and, if warranted, include an organizational chart/structure. Highlight the backgrounds, experiences, qualifications, areas of expertise, and roles of members of the management team. This is also the place to mention any other stakeholders, such as a board of directors or advisory board(s), and their relevant relationship to the founder, experience and value to help make the venture successful, and professional service firms providing management support, such as accounting services and legal counsel.

Table 11.6 shows a sample operations and management plan for La Vida Lola.

Marketing Plan

Here you should outline and describe an effective overall marketing strategy for your venture, providing details regarding pricing, promotion, advertising, distribution, media usage, public relations, and a digital presence. Fully describe your sales management plan and the composition of your sales force, along with a comprehensive and detailed budget for the marketing plan. Table 11.7 shows a sample marketing plan for La Vida Lola.

Financial Plan

A financial plan seeks to forecast revenue and expenses; project a financial narrative; and estimate project costs, valuations, and cash flow projections. This section should present an accurate, realistic, and achievable financial plan for your venture (see Entrepreneurial Finance and Accounting for detailed discussions about conducting these projections). Include sales forecasts and income projections, pro forma financial statements ( Building the Entrepreneurial Dream Team , a breakeven analysis, and a capital budget. Identify your possible sources of financing (discussed in Conducting a Feasibility Analysis ). Figure 11.19 shows a template of cash-flow needs for La Vida Lola.

Entrepreneur In Action

Laughing man coffee.

Hugh Jackman ( Figure 11.20 ) may best be known for portraying a comic-book superhero who used his mutant abilities to protect the world from villains. But the Wolverine actor is also working to make the planet a better place for real, not through adamantium claws but through social entrepreneurship.

A love of java jolted Jackman into action in 2009, when he traveled to Ethiopia with a Christian humanitarian group to shoot a documentary about the impact of fair-trade certification on coffee growers there. He decided to launch a business and follow in the footsteps of the late Paul Newman, another famous actor turned philanthropist via food ventures.

Jackman launched Laughing Man Coffee two years later; he sold the line to Keurig in 2015. One Laughing Man Coffee café in New York continues to operate independently, investing its proceeds into charitable programs that support better housing, health, and educational initiatives within fair-trade farming communities. 55 Although the New York location is the only café, the coffee brand is still distributed, with Keurig donating an undisclosed portion of Laughing Man proceeds to those causes (whereas Jackman donates all his profits). The company initially donated its profits to World Vision, the Christian humanitarian group Jackman accompanied in 2009. In 2017, it created the Laughing Man Foundation to be more active with its money management and distribution.

• You be the entrepreneur. If you were Jackman, would you have sold the company to Keurig? Why or why not?
• Would you have started the Laughing Man Foundation?
• What else can Jackman do to aid fair-trade practices for coffee growers?

What Can You Do?

Textbooks for change.

Founded in 2014, Textbooks for Change uses a cross-compensation model, in which one customer segment pays for a product or service, and the profit from that revenue is used to provide the same product or service to another, underserved segment. Textbooks for Change partners with student organizations to collect used college textbooks, some of which are re-sold while others are donated to students in need at underserved universities across the globe. The organization has reused or recycled 250,000 textbooks, providing 220,000 students with access through seven campus partners in East Africa. This B-corp social enterprise tackles a problem and offers a solution that is directly relevant to college students like yourself. Have you observed a problem on your college campus or other campuses that is not being served properly? Could it result in a social enterprise?

Work It Out

Franchisee set out.

A franchisee of East Coast Wings, a chain with dozens of restaurants in the United States, has decided to part ways with the chain. The new store will feature the same basic sports-bar-and-restaurant concept and serve the same basic foods: chicken wings, burgers, sandwiches, and the like. The new restaurant can’t rely on the same distributors and suppliers. A new business plan is needed.

• What steps should the new restaurant take to create a new business plan?
• Should it attempt to serve the same customers? Why or why not?

This New York Times video, “An Unlikely Business Plan,” describes entrepreneurial resurgence in Detroit, Michigan.

• 48 Chris Guillebeau. The $100 Startup: Reinvent the Way You Make a Living, Do What You Love, and Create a New Future . New York: Crown Business/Random House, 2012.
• 49 Jonathan Chan. “What These 4 Startup Case Studies Can Teach You about Failure.” Foundr.com . July 12, 2015. https://foundr.com/4-startup-case-studies-failure/
• 50 Amy Feldman. “Inventor of the Cut Buddy Paid YouTubers to Spark Sales. He Wasn’t Ready for a Video to Go Viral.” Forbes. February 15, 2017. https://www.forbes.com/sites/forbestreptalks/2017/02/15/inventor-of-the-cut-buddy-paid-youtubers-to-spark-sales-he-wasnt-ready-for-a-video-to-go-viral/#3eb540ce798a
• 51 Jennifer Post. “National Business Plan Competitions for Entrepreneurs.” Business News Daily . August 30, 2018. https://www.businessnewsdaily.com/6902-business-plan-competitions-entrepreneurs.html
• 52 “Rice Business Plan Competition, Eligibility Criteria and How to Apply.” Rice Business Plan Competition . March 2020. https://rbpc.rice.edu/sites/g/files/bxs806/f/2020%20RBPC%20Eligibility%20Criteria%20and%20How%20to%20Apply_23Oct19.pdf
• 53 “Rice Business Plan Competition, Eligibility Criteria and How to Apply.” Rice Business Plan Competition. March 2020. https://rbpc.rice.edu/sites/g/files/bxs806/f/2020%20RBPC%20Eligibility%20Criteria%20and%20How%20to%20Apply_23Oct19.pdf; Based on 2019 RBPC Competition Rules and Format April 4–6, 2019. https://rbpc.rice.edu/sites/g/files/bxs806/f/2019-RBPC-Competition-Rules%20-Format.pdf
• 54 Foodstart. http://foodstart.com
• 55 “Hugh Jackman Journey to Starting a Social Enterprise Coffee Company.” Giving Compass. April 8, 2018. https://givingcompass.org/article/hugh-jackman-journey-to-starting-a-social-enterprise-coffee-company/

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General Business Planning MCQs

1. Financial Statements Include

2. Which should NOT be included in an executive summary?

3. Estimating capital requirements is important for the:

4. The 4Ps are also known as:

5. How long should a typical business plan project for?

6. What is the first section in a traditional business plan?

7. What does Market Share mean?

8. True or False: Narrowing the target for potential clients helps because it concentrates sales efforts to a selective group that is most likely to be most profitable.

9. In a competitor analysis, what should you focus on?

10. New funds can be put toward which of the following?

11. What should organizational structures include?

12. In the financial forecasting, operating profit margin should be:

13. Who are the most important readers of a business plan?

14. True or False: Start-up companies are almost always succesful in the first few years.

15. True or False? A business plan should only focus on short term objectives

16. Potential creditors will often be interested in gaining collateral before lending. True or False

17. True or False? You should have concise bulleted lists in a business plan.

18. An appendix may include:

19. True or False: A partnership is normally run by one entreprenuer

20. Legal issues like non-disclosure agreements and patents are NOT important considerations for the business.

21. It is common for creditors to want historial financial statements, True or False

22. True or False? A business plan should state a value proposition.

23. Which of these is an example of a competitive strategy?

24. True or False: The Market Analysis of your business plan should illustrate your industry and market knowledge as well as any of your research findings and conclusions.

25. True or Fales: An Organization Chart is a diagram that shows the structure of an organization and the relationships and relative ranks of its parts and positions/jobs.

26. Ratio and Trend Analysis can help to create a better picture of profitability and growth potential. True or False

27. What is the Executive Summary of a Business Plan?

28. Sales targets should be:

29. SWOT Stands for

30. When requesting funding it's important to be clear on:

31. What should the prospective financial data include?

32. What does the 'T' stand for in SWOT analysis?

33. One common method for selecting prices is called Cost Pricing Strategy. This means:

34. A Business Plan should not include a section about regulatory issues since this is out of the business owners hands. True or False

35. The main reason that business fail is due to not having enough?

36. The Purpose of the Company Description in the Business Plan is:

37. Financial Projections are done before Market Analysis and objectives are set. True or False.

38. True or False? It is acceptable to use business jargon or pop culture references in a business plan.

39. The use of exhibits are intended for:

40. What is not included in variable costs?

41. In the Competitive Analysis It's important to include:

42. A pricing strategy where you set your prices high for quick cash and little emphasis on market penetration is called:

43. A good way to analyze the external environment is with a(n):

44. What is the post-money valuation for a $1.5 million round of investment when the equity stake offered is 25%?

45. In a business plan the Funding Requests portion should include:

46. What will a VRIO framework help distinguish?

47. The first thing to assess in your market analysis is the:

48. The section of your business plan that is similar to an "elevator pitch" is the:

49. For a typical executive summary, what is the maximum length?

50. What is meant by Value Proposition?

51. Would you ever consider talking to your competitors directly?

52. What market segment is an airline offering no frills targeting?

53. What section of the financial forecast would expenditure on telephones be forecasted under?

54. Which of the following factors would be used in estimating revenue?

55. How detailed should a business plan be?

56. Which of the following would be a value proposition?

57. What is meant by Target Marketing?

58. What is a "Pay Per Click" marketing campaign?

59. What are core competencies?

60. What best describes a cost-leadership strategy?

61. Would a company that produces a complementary product to yours be considered a competitor (e.g. a tennis ball maker and a tennis racket maker)?

62. How might a company learn more about its market and what drives the customers to purchase their product?

63. Why is it important to hire intelligently early on?

64. What is the purpose of creating a valuation statement of the company?

65. What would a Market Follower strategy be distinguished by?

66. In which section of a business plan would the company's mission statement be located?

67. Why is it important to track your competitors?

68. Where would the Financial Projections typically be located in a business plan?

69. What strategy should a new company wanting to enter a market employ?

70. What is a characteristic of a market leader strategy?

71. Why are companies able to stay in business during turbulent financial market times?

72. What is meant by Relationship Marketing?

73. What is a competitive advantage?

74. How does a company assess the performance of its marketing efforts?

75. What has been the trend in marketing in the last few decades?

76. In which section of a business plan would you talk about the CEO?

77. What would sending coupons to prior customers directly be considered?

78. What are the minimum financial statements that should be included in a business plan?

79. Why is it important to know the entire potential market even if your company can only focus on a small segment?

80. What best describes a differentiation strategy?

81. Where might a potential competitor come from?

82. Which of the following would be a mistake in forecasting?

83. What is the purpose of a cash flow forecast?

84. Why is it important to talk about market timing?

85. How could a video rental outlet stand out above their competitors in a positive way?

86. What is meant by "top down" budgeting?

87. Which of the following would not typically be a section in a business plan?

88. Which of the following strategies has warehouse reseller Costco taken?

89. What is meant by Market Demographics?

90. What is the purpose of a what-if analysis?

91. What policy should be followed regarding employees and the company strategy?

92. What should be the minimum length of a business plan?

93. Why would a company's website be considered a part of its marketing effort?

94. What should a company do if they do not have a marketing plan?

95. What is one of the ways to track your competitors?

96. How is "distribution and delivery" defined?

97. What is Blockbuster Videos business model?

98. What is one of the criteria that a flower delivery company could distinguish itself by on the market?

99. Why is it important to have an executive summary?

100. Why is it important to talk about competition?

101. What marketing method is a gas station most likely to use?

102. Which of the following is one of the groups a business plan is meant to inform?

103. Why would a new company spend most of their budget on marketing?

104. Where would company valuation be discussed?

105. What section would SWOT analysis typically be in?

106. What should be considered while deciding a firm's strategy?

107. What is one of the reasons for the failure of companies?

108. Which of the items below is NOT a purpose of a business plan?

109. What is the DuPont formula?

110. What is one of the ways to establish who your competitors are?

111. What is meant by "market segments"?

112. Which of the following is a traditional method of marketing?

113. What is a business model?

114. What role does marketing play in a company's business life?

115. Which of the following could be a core competency of a company?

116. Which of the following terms best describes how a company can make itself stand out from the competitors?

117. What type of company would never need a business plan?

118. What is meant by vertical integration?

119. What would be the best methodology to follow while creating a forecast?

120. How far into the future should revenue be projected in a business plan?

121. Which of the following would you factor into long term liabilities?

122. What is an advantage of making a competitor analysis?

123. Why is it okay to let some competitors' moves go unanswered?

124. Why is it important to identify your market segments?

125. Why would a company with a very rigid business plan possibly face trouble?

126. What is meant by Mass Marketing?

127. Why should a business plan be revisited annually?

128. What is a value chain?

129. What is a way to segment the market?

130. Customer share is sometimes referred to as _____.

131. The way you want to spend your time, money, and resources in the future are your _____.

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The Business Plan Quiz: Test!

Business is not as easy as it seems when you just imagine it. The test in front of you is "The Business Plan Quiz." This quiz will see your understanding of the concept of the business plan. This will also provide extra information to you that will help you in the future. Get ready to take this fun and informative quiz that is here. Best of luck with this!

Which section is completed last?

Finance detail

Marketing budget

About your business

Executive summary

Rate this question:

According to research, without a business plan, firms are more likely to close down.

You should describe your products and services and discuss the market that you are ..., if you wish to interest investors, you need to emphasize the company's profit ......... ., the preparation of a business plan is optional for some small businesses., why complete a business plan.

To get finance

To impress your mum

To set out clear goals for your start-up.

To make sure you know what you are doing.

The business goals and competitive advantages can be described by...

Mission statement

Core values

None of these

......... the strong and weak points of any firms in competition with yours and look for marketplace opportunities.

Investigate

SMART means:

Success, Measurable, Achievable, Realistic, Timed

Specific, Measurable, Achievable, Realistic, Timed

Smart, made-up, actual, real, true

You should examine customer... and the benefits of your products and services.

Quiz Review Timeline +

Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.

• Current Version
• Mar 22, 2023 Quiz Edited by ProProfs Editorial Team
• Oct 01, 2012 Quiz Created by MrsGabell

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Wait! Here's an interesting quiz for you.

Introduction to Business MCQs

Written by True Tamplin, BSc, CEPF®

Reviewed by subject matter experts.

Updated on March 12, 2023

Fact Checked

Why Trust Finance Strategists?

This test includes 25 multiple choice questions (MCQs) covering an i ntroduction to business and business ethics .

It will be helpful for accounting and finance students as a tool to prepare for exams or interviews.

In this quiz, each question has 4 options. You need to choose the correct option to move onto the next question. Whenever you are ready, you can begin the test below.

• Short-term periods
• Long-term periods
• All of the above
• None of the above
• One reason for the failure of small businesses is the lack of managerial experience
• One reason for the failure of small businesses is that most entrepreneurs are younger than 25 years old
• One reason for the failure of small businesses is negligence
• One reason for the failure of small businesses is weak control systems
• Construction industry
• Manufacturing industry
• Genetics industry
• Service industry
• Both (1) and (2)
• Construction
• Manufacturing
• There is no partnership income tax; the individual partners pay a personal income tax on their portion of partnership profits.
• If the partnership agreement does not specify otherwise, profits will be shared equally by the partners.
• A partnership balance sheet is similar to that of a proprietorship.
• The death of a partner dissolves the partnership and all assets must be liquidated.
• Potential customer needs
• The production process
• Identifying customer needs
• All of the given options
• Commercialization
• Product life cycle
• Family brands
• Marketing research
• Limited partnership
• Joint venture
• Public corporation
• Strategic alliance
• Marketing orientation
• Production orientation
• Sales orientation
• Profit orientation
• Human resource inventory report
• Recruitment
• Strategic human resource planning
• Unlimited liability
• Personal satisfaction
• Entire profit
• Independence
• Marketing mix
• Product mix
• Product differentiation
• Product positioning
• Business version statement
• Customer-oriented approach
• Marketing activities and plans
• Social and technical changes
• Government policy and legislation
• Both industry and commerce
• Trade and aids to trade
• Industrial revolution
• Marketing era
• Entrepreneurship
• Globalization
• Sole proprietorship
• Partnership
• Joint stock company
• Cooperative societies
• Memurandum of association
• Article of association
• Company charter
• Articles of association
• Modaraba certificate
• Participation term certificate
• Petition by debtor
• Petition by creditor
• Petition by contributor
• Freedom in professional and personal life
• More job satisfaction
• Complicated coordination
• Suitable for a self-starter who requires little direct supervision
• Free rein style
• Democratic style

Introduction to Business MCQs FAQs

What factors should be considered when making decisions in accounting.

When making decisions in accounting, it is essential to consider all relevant factors. Some of the factors that may be considered include the company’s financial position, Cash Flow, profitability, and business strategy.

What are some common accounting decisions?

In accounting, decision-making is the process of choosing between two or more courses of action to achieve the desired outcome. Factors that should be considered when making decisions include the company’s financial position, Cash Flow, profitability, and business strategy. Accountants use the information to make decisions by analyzing data and trends to make informed decisions to help the company achieve its goals.

How do accountants make decisions?

Accountants use the information to make decisions by analyzing data and trends. This information can come from Financial Statements, internal reports, surveys, and other sources. By analyzing this data, accountants can make informed decisions to help the company achieve its goals.

What are some common accounting decision-making models?

Common accounting decision-making models include the rational decision model, the incremental decision model, and the satisficing decision model. Each of these models has its own set of steps that should be followed when deciding.

About the Author

True Tamplin, BSc, CEPF®

True Tamplin is a published author, public speaker, CEO of UpDigital, and founder of Finance Strategists.

True is a Certified Educator in Personal Finance (CEPF®), author of The Handy Financial Ratios Guide , a member of the Society for Advancing Business Editing and Writing, contributes to his financial education site, Finance Strategists, and has spoken to various financial communities such as the CFA Institute, as well as university students like his Alma mater, Biola University , where he received a bachelor of science in business and data analytics.

To learn more about True, visit his personal website or view his author profiles on Amazon , Nasdaq and Forbes .

Related Topics

• Accounting Cycle MCQs With Answers
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• Accounting and Finance MCQs Test 2
• Accounting and Finance MCQs Test 3
• Accounting and Finance MCQs Test 4
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• General Journal MCQs
• General Ledger MCQs
• Introduction to Accounting MCQs
• Issuance of Shares and Debenture MCQs
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• Non-Trading Concerns MCQs
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• Special Journal MCQs
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Part 1: Tell Us More About Yourself

Do you own a business, which activity is most important to you during retirement.

• Giving back / charity
• Spending time with family and friends
• Pursuing hobbies

Part 2: Your Current Nest Egg

Part 3: confidence going into retirement, how comfortable are you with investing.

• Very comfortable
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How confident are you in your long term financial plan?

• Very confident
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• Not confident / I don't have a plan

What is your risk tolerance?

How much are you saving for retirement each month.

• None currently
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• Serious Planner: $500 - $1,000
• Aggressive Saver: $1,000+

How much will you need each month during retirement?

• Bare Necessities: $1,500 - $2,500
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• Comfortable Lifestyle: $3,500 - $5,500
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Part 4: Getting Your Retirement Ready

What is your current financial priority.

• Getting out of debt
• Growing my wealth
• Protecting my wealth

Do you already work with a financial advisor?

Which of these is most important for your financial advisor to have.

• Tax planning expertise
• Investment management expertise
• Estate planning expertise

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BUSINESS PLAN

15 questions

Introducing new   Paper mode

No student devices needed.   Know more

'It is a comprehensive document prepared to assist the entrepreneur in analysing the market and planning the business strategy'. This statement best describes

an operational plan

a business plan

an organization plan

a financial plan

The following are the prime reasons for preparing a business plan, except

to allow the entrepreneur to objectively, critically, and practically evaluate a business proposal

to study and evaluate the viability of the proposed project before it is implemented

to ensure that the proposed project is free from all the problems

to instil confidence in potential financiers for the purpose of securing financing facilities

The following factors need to be considered before making a purchase of machinery and equipment, except

supplier's reputation

availability of spare parts

The main reasons for preparing a financial plan are

to determine all the costs that are involved in starting a new business venture

to determine the financial position of the company at the end of the financial period

to appraise the viability of the proposed project before it is actually implemented

to identify resources such as capital, labour, and buildings to evaluate the cash position throughout the financial period

to evaluate the cash position throughout the financial period

A business plan gives room for entrepreneurs and their employees to develop an effective strategy to run the business.

Lack of commitment and dedication is one of the pitfalls in preparing a business plan.

There are only 2 strategies in the marketing strategies in the marketing mix, which are pricing strategy and promotion strategy.

Business plans should be kept a short and precise as possible.

A complete business plan should starts with

Executive summary

Cover letter

All documents that support the business plan should be included in this section. It include support document from financial institutions, copies of the course certificates, offer letter for tender, permit and else.

Table of contents

There are SIX formats of business plan

The main sections of business plan are the following except:

Administration plan

Operational Plan

Marketing Plan

Financial plan

Business plan is important for _________________ because it can determine the future credit terms and the viability of ventures.

Financial institutions

Shareholders

Which one is not the importance of business plan.

creates the opportunity for success

determines the right way of managing the business

decrease the stakeholder's confidence

sets the business mission

Most businesses work towards their goals and based on some pressure applied by the time of completion.It refers to

Explore all questions with a free account

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The business plan should be prepared by:

Correct answer: (A) Entrepreneurs

Related MCQs

• ? Which one of the following theory has the attribute of moderate risk taking as a function of skill, not chance?
• ? Foundation companies are formed from:
• ? All of the following are the broad categories of External forces EXCEPT:
• ? A ______________ is a professional money manager who makes risk investment from a pool of equity capital to obtain a high rate of return on investment...
• ? Members of distribution channels are excellent sources for new ideas because:
• ? Which of the following geographical area is having least interest to U.S. entrepreneurs?
• ? Andrew Carnegie is an example of entrepreneur of which century:
• ? The activity which occurs when the new venture is started are called:
• ? The business plan should be prepared by:
• ? What is the primary concern of founders who trade equity for capital for their growing venture?

The business plan should be prepared by _________.

Correct option is a. entrepreneurs.

A memo by the police should be prepared

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California's 'secret' 50-cent gas tax hike coming in the next two years

The tax increase is 'a tax on the tax,' republican tax hawk says.

California may charge electricity customers based on income

Fox News senior national correspondent William La Jeunesse reports on proposed changes to California's electric bills on 'Special Report.'

A longstanding emissions reduction program may lead to a 50-cent increase in gasoline prices within two years in California, according to a little-known state air quality regulator report.

In September, the California Air Resources Board (CARB), the state's primary environmental regulator, reported gas prices will rise next year by about 50 cents a gallon and every year thereafter to aid in clean air efforts. The price increase does not include the existing gas tax in the state.

Republican state Sen. Janet Nguyen, one of the legislature's most critical tax hawks, told Fox News Digital the "secret" tax increase "would penalize the majority of Californians."

CAR DEALERS THROW COLD WATER ON ELECTRIC VEHICLES VERSUS GAS OPTIONS: ‘I WOULDN’T FEEL SAFE'

A gas station in Falls Church, Va., in October 2022. (Reuters/Kevin Lamarque / Reuters Photos)

"The middle class, the low income, they can't afford gas to go to school, work or grocery or the doctor's office," Nguyen said. "No one knows about this. I think people just think it's a tax, so they don't know the difference between the carbon tax versus the state tax. It's almost like a tax on the tax."

The report foresees gasoline price increases due to the Low Carbon Fuel Standard reforms that were created in 2007, likely rising by 47 cents next year and 52 cents by 2026. Diesel prices could climb by 59 cents this year and 66 cents in two years. Long-term projections suggest gasoline could surge by $1.15 and diesel by $1.50 per gallon from 2031 to 2046, with jet fuel increasing by $1.21.

The air board staff later called the gas price hike projections "incomplete" in a December report, focusing instead on the cost savings to drivers as more people transition to EVs.

HYBRID VEHICLE SALES REVVING UP AS EV DEMAND SPUTTERS

A Tesla plugged in and charging at a Supercharger rapid battery charging station in the Silicon Valley town of Mountain View, Calif., Aug. 24, 2016. (Smith Collection/Gado/Getty Images / Getty Images)

The report comes as CARB finalized new rules mandating a rapid transition from traditional petroleum-powered modes of transportation to zero-emissions alternatives as it pursues a sweeping climate agenda. CARB has identified passenger cars, heavy-duty trucking, freight trains and harbor vessels for the changeover. 

California is also phasing out new gas-powered cars and mandating 100% electric vehicle sales by 2035. Nearly 20 other states have since adopted those rules, meaning more than 40% of the country will be affected by the mandate to some extent.

BUYERS OF TESLA'S CHINESE RIVAL EV MAY FACE MONTHSLONG WAIT FOR SU7

In an aerial view, shipping cranes stand at the Port of Oakland in front of the San Francisco skyline Oct. 24, 2022, in Oakland, Calif. (Justin Sullivan/Getty Images / Getty Images)

CLICK HERE TO READ MORE ON FOX BUSINESS

The state's broad effort to electrify its transportation sector is part of the California Climate Commitment unveiled by Newsom two years ago. Under the plan, the state is phasing out reliance on fossil fuels, deploying green energy, cutting greenhouse gas emissions 85% by 2045 and decreasing oil demand by a staggering 94%.

"We can solve this climate crisis if we focus on the big, bold steps necessary to cut pollution," Gov. Gavin Newsom said in August 2022.

After this report was published, a CARB spokesperson told Fox News Digital in a statement: "There is no 'secret' gas tax hike with California’s Low Carbon Fuel Standard. The figure the Senator cited is from an incomplete, preliminary document released last September which is intended to provide a range of financial possibilities looking at how various LCFS credit prices might be passed through to Californians by industry. It is not a prediction of gas prices or a staff proposal. I would also point out that there is no data showing a correlation between LCFS credit prices and fuel prices at the pump."

Fox News' Thomas Catenacci contributed to this report. 

Ukraine war latest: Russian forces take control of village in Kharkiv region - defence ministry

Russian troops are continuing to advance in the Kharkiv region - with the defence ministry claiming it had taken control of 12 settlements in a week.

Saturday 18 May 2024 15:55, UK

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• Russia takes control of village in Kharkiv - defence ministry
• Ukraine's divisive draft law comes into force | At least 30 Ukrainians have died crossing river to avoid
• Putin concludes trip to China with veiled reference to West
• Two civilians killed while evacuating city
• Analysis: Great power politics on display in China visit
• Live reporting by Josephine Franks  and Jess Sharp  

Ukrainian drone attacks on Russian power facilities in early 2024 disrupted 14% of Russia's oil refining capacity, according to the US Department of Defence.

The strikes pushed up domestic oil prices by 20-30% and forced Russia to halt exports to focus on meeting domestic demand, a report from the Pentagon’s intelligence agency said.

But it caused only a "negligible disruption" to the electricity supply for Russian civilians and the military, because of Russia's "robust generation capacity" and the level of power in the grid. 

The General Staff of Ukraine's armed forces have published their daily operational update... 

Speaking about the frontline, it says the situation "remains tense" and Russia is using its advantage in the number of personnel to launch attacks on Ukrainian positions. 

In the last 24 hours, 66 "combat clashes" have taken place, it adds. 

Russian troops have been pushing ahead with a ground offensive in recent days that opened a new front in northeastern Ukraine's Kharkiv region and put further pressure on Kyiv's overstretched military. 

The update says Russian forces have attacked in the areas of Lyptsi in Kharkiv today, and fighting is continuing in the town of Vovchansk. 

"Currently, the number of combat encounters in this direction has reached 10, while the Russian occupiers tried to improve the tactical position eight times, our units in turn - twice," it says. 

Earlier today, Russia's defence ministry claimed its forces had captured the village of Starytsia in Ukraine's Kharkiv region. 

Russian troops are continuing to advance in the area, it added. 

Ukraine did not mention the village in its operational update. 

Two people were killed when their car was hit by Russian forces as they evacuated Vovchansk, according to Ukrainian officials. 

The Ukrainian Prosecutor General's Office said an investigation has been launched into what it called the "war crime".

It said the car carrying civilians came under enemy fire while driving through the border town on Thursday. 

The 70-year-old driver and an 83-year-old female passenger died at the scene, while two other passengers were injured, officials said. 

Ukrainian authorities have evacuated around 8,000 civilians from Vovchansk, three miles from the Russian border.

Russian forces have captured 40 civilians from a town in Kharkiv, a Ukrainian official has said. 

Speaking to Ukrainian news outlet Suspilne, the head of the investigative department of the Kharkiv regional police Serhii Bolvinov said they were taken while trying to escape a Russian shelling attack. 

"People are kept in basements, interrogated, and those conducting the interrogations call themselves FSB employees," he said.

It comes after Ukraine's interior minister Ihor Klymenko said Russian forces were taking civilians captive on Thursday. 

He also claimed the Russian military had carried out executions. 

"In the northern part of Vovchansk, where active hostilities are taking place, the Russian military is taking civilians captive," he said on Telegram. 

"It is known about the first executions of civilians by the Russian military. In particular, one of the inhabitants of Vovchansk tried to escape on foot, refused to obey the commands of the invaders - the Russians killed him." 

Vovchansk, in the northern Kharkiv region, has come under several attacks in recent weeks, with Russian forces claiming to control surrounding villages and forcing civilians to evacuate. 

Ukrainian forces on the frontline say the war is entering a critical phase - and they are desperate for more ammunition as they struggle to hold off relentless Russian attacks. 

Colonel Pavlo Palisa, whose 93rd Mechanised Brigade is fighting near the key strategic city of Chasiv Yar, said he believed Russia was preparing a major push to break Ukrainian lines in the east.

"Without a doubt, this will be a difficult period for the armed forces," he said. 

"I would say that it is unlikely that time is on our side, since a long war requires more resources," he said, adding that it would be critical to impose as heavy a cost on Russia as quickly as possible.

"The enemy's resources, whether in terms of manpower or the material, cannot be compared with ours. It's extraordinarily large." 

Ukrainian gun commander Oleksandr Kozachenko said his unit's US-supplied M777 howitzer, which once hurled 100 shells a day at the enemy, is now often reduced to fewer than 10. 

"It's a luxury if we can fire 30 shells." 

Gunners with his brigade in the Donetsk region said they were desperate for more 155mm rounds for their Western cannons, which had given them an edge over Russia earlier in the war.

The United States says it's rushing ammunition and weapons to Ukraine following the delayed approval of a $61bn aid package by Congress last month. 

For the soldiers facing down an encroaching enemy, the deliveries can't come soon enough. 

Poland is aiming to bolster its defences against what it says is a rising threat from Russia and Belarus with a £2bn security programme.

Poland will invest 10 billion zlotys - around £2bn - in making the eastern border "impossible to pass for a potential enemy", Prime Minister Donald Tusk told a news conference.

"We are starting a major project to build a secure border, including a system of fortifications as well as landscaping and environmental decisions," he said.

Poland's border with Belarus has been a flashpoint since migrants started flocking there in 2021, after Minsk, a close Russian ally, opened travel agencies in the Middle East offering a new unofficial route into Europe - a move the European Union said was designed to create a crisis. 

The previous Polish government built a fence on the Polish-Belarusian border that was over 180km long and 5.5m high, to protect against illegal migration. It is complemented by a system of cameras and sensors monitoring the frontier. 

A 13-year-old and 16-year-old were among five people injured when Russian forces struck a residential area in Kharkiv, according to Ukrainian officials. 

Kharkiv mayor Ihor Tereknov said on Telegram that several residential houses were destroyed, and at least five people were injured. 

The regions's governor Oleh Syniehubov said they were injured by shrapnel, and the injuries suffered by the children were minor. 

Asked whether the US aid delays were to blame for Ukraine's setbacks on the battlefield, Ukrainian foreign minister Dmytro Kuleba said the fault lies with "everyone who is not doing enough".

He described the situation on the frontline as "tough", saying "Russia is strong, we are suffering from... insufficient supplies of military assistance," CNN reported.

"We are forced to compensate with heroism and sacrifice of our soldiers," he added.

He was speaking via video conference at the Lennart Meri Conference in Estonia and praised the country for allocating 1% of GDP to military aid for Ukraine.

If every country followed suit, Ukraine would be able to perform better, he said.

"Estonia is a country that proves to the whole world that a small country with a big heart can make a big difference and it's a paradigm for everyone to follow," he said.

Volodymyr Zelenskyy has snubbed the French president's call for a truce between Russia and Ukraine during the Paris Olympics, saying it could give Russia the upper hand.

President Emmanuel Macron had suggested a temporary ceasefire, in line with the ancient Greece tradition that saw warring city-states lay down arms for the length of the Games. 

But Mr Zelenskyy said Russia could use the period to move its forces. 

"Let's be honest… Emmanuel, I don't believe it," Mr Zelenskyy told news agency AFP. 

"Who can guarantee that Russia will not use this time to bring its forces to our territory?" he asked.

"We are against any truce that plays into the hands of the enemy."

Vladimir Putin also dismissed the idea when asked about it on his visit to China, saying the Olympics were violating the principles of the Games by requiring Russian athletes to compete as neutrals.

"If you demand something from someone, you have to follow the rules yourselves first," he said.

Thousands of people in towns in the Kharkiv region have been evacuated since Russia's major ground offensive began just over a week ago.

Ukrainian authorities have evacuated around 8,000 civilians from the recent flashpoint town of Vovchansk, three miles from the Russian border.

On Telegram, Kharkiv's governor Oleh Syniehubov said 9,907 people had been evacuated from Chuguyiv district, Kharkiv district and Bogoduhiv district.

The Russian army's usual tactic is to reduce towns and villages to ruins with aerial strikes before troops move in. 

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