Types of Files

GIF (Graphics Interchangable Format)

Pros:
-Good for logos, icons
-Good for websites/blogs
-Good for short silent videos
-Good for animations
Cons:
-Large file size
-May not work on some sites
-Can be slow

TIFF (Tagged Image File Format)

Pros:

-Good for a high quality image

-Good for professional printing 

-The best available quality you can get for an image

Cons:

-Large file size, can take up a lot of space on your computer

-Difficult to share via email, upload to a website etc

PNG (Portable Network Graphics)

Pros:

-Usually has a smaller file size than a GIF

-Good for colourful images

Cons:

-Best to be avoided with large photographs with a lot of detail in them

-Larger than a JPEG

RAW

Pros:

-Generates High Quality images

-Best for photographers

-Also known as a digital negative

-An unprocessed image which will remember details of the image taken, which means later on when you come to edit them you'll be able to save more of the image if it is overexposed or underexposed.

Cons:

-Takes up considerably more room than a JPEG

-Can take up a large amount of space which may cause camera/computer to act slow

-A lot of software programs will not be able to open/recognize the file

JPEG (Joint Photographic Experts Group)

Pros:

-Suitable for most images

-Saves images which are high in detail and quailty

-Can be good for printing but it will depend on the MB of the image

-Almost every software will be able to open a JPEG file

-Not usually likely to crash your system 

-Highly compressed and flexible for file size, quality 

-Easy to share

Cons:

-Said to not be suitable for logos or icons