1. If a financial manager discovers unethical conduct in his/her organization and fails to act, he/she will be in violation of which ethical standards

a. "Actively or passively subvert the attainment of the organization's legitimate and ethical objectives."

b. "Communicate unfavorable as well as favorable information."

c. "Condone the commission of such acts by others within their organizations

d. " All of the answers are correct.

2. Integrity is an ethical requirement for all financial managers. One aspect of integrity requires

a. Performance of professional duties in accordance with applicable laws.

b. Avoidance of conflict of interest

c. Refraining from improper use of inside information

d. Maintenance of an appropriate level of professional competence

3. A financial manager discovers a problem that could mislead users of the firms financial data and has informed his/her immediate superior. He/she should report the circumstances to the audit committee and/or the board of directors only if

a. The immediate superior, who reports to the chief executive officer, know about the situation but refuses to correct it.

b. The immediate superior assures the financial manager that the problem will be resolved

c. The immediate superior reports the situation to his/her superior

d. The immediate superior, the firms chief executive officer, knows about the situation but refuses to correct it.