Don't feel dumb. There is so much I don't know about all this it could fill a lake. I ran my boat without the drain plug in the center console well for the first time a couple of weeks ago and about sunk my boat. Ruined a battery charger I had sitting under the seat, so I bought an on board waterproof one.
The design of the hull draws water into the live well when on plane but I found that out the hard way. It's actually intended as a cooler with a drain plug.