Where the Shipper Fails to Declare the Value of the Shipment

question 35

True/False

Where the shipper fails to declare the value of the shipment on a clean bill of lading and the carrier has knowledge of the true value and does not advise the shipper to declare the value so,in the U.S.the carrier's liability will be unlimited liability per package.

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Definitions:

Labour Efficiency Variance

The difference between the actual labor hours taken to produce a good and the standard hours expected, multiplied by the standard labor rate.

Actual Labour Hours

Actual Labour Hours refer to the total hours worked by employees, measured after the work has been completed, usually for comparison with planned or budgeted hours.

Volume Variance

The difference between the expected volume of sales or production and the actual volume, which can impact costs and profits.