Image formats
Bitmaps - BMP. It is Lossless (no image data is lost on save) but there's also little to no compression at all, meaning saving as BMP results in VERY large file sizes.
JPG / JPEG - Joint Photographic Experts Group Jpeg format is used for color photographs, or any pictures with many blends or gradients. it's a Lossy format, and saving the same file over and over will result in more data being lost over time.
GIF - Graphics Interchange Format. Gif format is best used for text, line drawings, screenshots, cartoons, and animations. Gif is limited to a total number of 256 colors or less. GIF uses lossless compression, meaning that you can save the image over and over and never lose any data. The file sizes are much smaller than BMP, because good compression is actually used, but it can only store an finite palette.