This document summarizes several common file formats for images and graphics, including their purposes, advantages, and disadvantages. JPEG is a commonly used format for sharing photos on the internet due to its small file size, though it is "lossy" and image quality degrades each time it is saved. TIFF files have higher quality than JPEGs since they are lossless, but take up more storage. PNGs are also lossless and useful for images with clipped backgrounds. GIFs are best for small animations due to their highly compressed file size but have low quality. RAW files store the full, unprocessed image data from a camera sensor but take up more space. PSD files support layers and editing in Photoshop