Facebook's default privacy settings are probably more public than you'd like. Facebook guards the information on minors a little better than the general population, but you'll still need to review your child's privacy settings and manually reset the security to “friends only” or tighter.

Friending your child doesn't necessarily mean you can see everything they post. Facebook allows users to select which friends they want to be able to see a particular post.

By default, anyone on Facebook can send your child a friend request. To restrict who can send your child friend requests, edit the privacy settings under the “How You Connect” heading.

Users can “tag”, or identify, the faces in their photos. Turn on tag review in your child's privacy settings and Facebook will notify them whenever they're tagged in a photo before it goes live. Facebook will remove the tag (but not the photo) if they request it. 

Facebook allows users to put their location on every post. Tell your child not to do this, and change their privacy settings so their friends can't check them in, either.

If your child posts something and then has second thoughts, they can hover over the post and click the handy little “X” that appears to delete it.

Facebook allows your child to remove offensive posts on their Wall, unfriend or block other users, or report posts that violate Facebook policies (including a fake account pretending to be them.) Any types of Facebook bullying is a reportable offense.