Jpeg is the best known of all image file formats, the JPEG files are compressed in the camera and used to store as many images on the memory card as possible.
Tiff is generally requested by publishers, TIFFS are uncompressed, they are much bigger files and will take up a lot space on it.
RAW files are created using a process that retains all information captured such as white balance, exposure, contrast, saturation and sharpness.
Digital negative also known as DNG is offered as a main RAW file format.
PNGS are compressed in a lossless format, PNG quality doesn’t mean big file sizes. It allows the partial and total transparency.
GIF is used in small file sizes such as things on the web, it can contain animation.
BMPS are large files that provide a high-quality digital file.
PSD is used for the image extensively on separate layers, PSD give far greater flexibility because layers can be edited, removed, and added.