JPEG- The better the photo quality, the less compression the camera will perform on the original photograph.
TIFF- TIFF files are usually uncompressed, so they offer the opportunity for extensive post-processing. For this reason they are most likely to take up lots of space.
RAW- You would use RAW when your trying to get the highest-quality files from your camera, and it’s the option preferred by professional photographers. RAW also requires some basic knowledge of image-editing software like Adobe Lightroom because files will have to be edited and converted out of the RAW format before they can be used.
DNG (Digital Negative)- because files will have to be edited and converted out of the RAW format before they can be used.
PNG- PNGs are compressed in a lossless format, and therefore retain all detail.
GIF- GIF are similar to PNG good use for ideal on the internet. Lossless compression means image quality is not sacrificed.
BMP- BMPs are large files, as color data is saved in each individual pixel without any compression.
PSD- PSD allows manipulation on specific individual layers rather then the image itself.