Colorado Car Sales Practice Test

Disable ads (and more) with a membership for a one time $2.99 payment

Prepare for the Colorado Car Sales Exam. Use flashcards and multiple-choice questions with hints and explanations. Get ready for success!

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

Practice this question and more.

How many days does a dealer have to file federal form 8300 after receiving over $10,000 in cash?

10 days
15 days
30 days
60 days

The correct answer is: 15 days

The correct duration for filing federal form 8300 after a dealer receives over $10,000 in cash is 15 days. This requirement is part of the regulations aimed at preventing money laundering and other financial crimes. The form serves to report large cash transactions to the IRS, ensuring there is a clear trail of financial activity. When a dealer accepts cash payments that exceed the threshold, timely reporting within 15 days is essential to remain compliant with federal regulations. This requirement underscores the importance of vigilance in financial transactions, especially in industries like car sales where large sums of cash can frequently be involved. The other durations referenced in the choices do not align with the regulations established for cash reporting requirements, making 15 days the only correct timeframe.