Arkansas Pharmacy Laws and Regulations Practice Exam

When are penalty fees incurred for not paying the renewal fee on time?

1. If not paid by 1st March

2. If not paid by 1st Feb, then again 1st March

3. After 1st Feb

4. After 1st Apr if initial payments are missed

The correct answer is: If not paid by 1st Feb, then again 1st March

If the renewal fee is not paid by 1st Feb, a penalty fee will be incurred. If the fee is not paid by 1st March, an additional penalty fee will be charged. Option A is incorrect because the penalty fee is incurred after 1st March, not on that date. Option C is incorrect because the penalty fee is incurred after 1st Feb, not on that date. Option D is incorrect because it states that the initial payments must be missed for the penalty fee to be incurred, which is not mentioned in the question. Therefore, B is the correct answer as it includes the correct time frame for incurring the penalty fee.