JPEG- best use for better quality photos.
TIFF-these are usallaly very large files.
RAW- this is usesally set to take high quality photos and explore the enviorment of the camera.
DNG- a better version of the raw format because it keep photos for years to come.
PNG- idealy used on the internet to load pages quicker.
GIF- used on the internet and allow for animations
BMP- these large files that are saved in color.
PSD- a file with multiple layers rather then just one layered image itself.