Re: Is the bow light supposed to always be on?
No the bow lights should not be on. It should be on a switch. "Running lights" When you are at anchor and have the stern light on the bow lights should not be on. The "red and green" running lights should only be on when underway.
I actually answered my own question.

Myabe it will help others.
On page 22 of the Coast Guard Federal Requirements and Safety Tips for Recreational Boats it shows two lighting arrangements. The requirement for crafts under 39.4 feet is for 360 degrees of white light and the side lights (red/green) while underway, and the sidelights extinguished while anchored. The all-round white light must be one meter above the sidelights.
The Vermont State Police Handbook of Boating Laws and Responsibilities on page 10 echoes that with the statement, "All-Round White Light: On power driven vessels less than 39.4 feet in length, this light
(Masthead/Sternlight combo) may be used to combine a masthead light and sternlight into a single white light that can be seen by other vessels from any direction. This light serves as an anchor light when side-lights are extinguished."
reelfishin: If you do not extinguish your sidelights while at anchor, other boats may not manage to avoid you based on the stand-on and give-way rules at night. Of course these are "international waters" rules that I seldom see followed by small boaters around me, but that is a different thread
Daytime in interstate/international waters also require display of "shapes" so other vessels know what you are doing, BTW.