Remove screwdriver bit from chuck (Buffalo Tools Cordless Screwdriver model PS07418)?

Usually - yes. Basically everything _you_ are likely to encounter will have a 1/4" hex shaft. There are 'bits' for professional machines that might use some other shafts (like one of the SDS systems, simply because that thin piece of metal can't cope with the torque), but you'll notice it when you see them ;-).

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