I do have it. New in Box... I'll get a better one later on
I've never seen a new graphics card that's under 1GB since 2012... Get a better one when your budget allows you to. Use a DVI-to-HDMI adapter unless you want to use Intel's substandard integrated graphics. However I don't think DVI supports audio, so you might have to plug in seperate audio if you use an adapter.
Your right, (DVI no audio) so what is the best way to approach this now?
I guess I could use the audio outs from the mobo and use a DVI to HDMI adapter for video... but I still have not had my other question answered...
If I use the HDMI output that's on the mobo, how does that effect the video card? Will the system still use the card for graphics processing power or exactly what will happen here?
You need to take out the video card first in order to use the HDMI on the mobo. If all goes well you should have a display; if not put the video back and tweak BIOS. When a video card is plugged in it only uses the output on the video card.