There are different types of file formats used for different purposes in graphic design work. A common file format is PSD, which is the default format for Photoshop files that allows images to be saved with layers for future editing. Another popular format is JPEG, which compresses file sizes but can reduce image quality when resized. Other formats discussed include GIF, PNG, TIFF, RAW and EPS, each with their own advantages and disadvantages for uses like vector images, photos, animations and printing.