On the display in the video preview it reads: 655x480x32
What does the 32 mean?

Thanks

32 is RGB with Alpha Channel. Essentially its 4:4:4:4 with the final channel being an alpha channel. Do you have an uncompressed file on the timeline?

That is just what comes up on all my default when I start a new project. I really do not know anything about what you are referring to with the RGB alpha channel.

It seems the more I learn about video the more I realize I do not know.

Oh, don't worry about it then. It's nothing that will affect your projects for now.

Alpha is the transparency channel. The "extra" 8 bits per pixel are used to indicate how much of it are seen "over" the underlying pixel.