Jpeg – Joint Photographic Expert group. It was named after the committee that created the standard. Jpeg is a compressed format with some loss of quality on compression.
TIFF – Tagged Image file format. It is a bitmap high graphic format that is used for high resolution printing and postscript printers and image setters. TIFF offers great flexibility for use in page layout applications in part due to multiple color modes, multiple compression types, and cross-platform compatibility. TIFF images support both embedded paths and alpha channels (vector paths or bitmap masks that can hide portions of images or create transparent backgrounds when printing)
GIF – Graphical Interchange Format file
Image format that can contain upto 256 indexed colours. It is a lossless format where date of the image isn’t lost when compressed. It is common for web graphics and small images which may especially contain text. GIF images can be animated and can also contain transparent pixels that allow them to blend with different coloured backgrounds.
PNG – Portable Network Graphic
This was designed as an alternative to GIF format. This too is a Lossless format. They support up to 48-bit color or 16-bit grayscale and typically compress about 5% to 25% better than GIF files. However, they do not support animations like GIFs do.
MNG – Multiple Network Graphic
An extension of the .PNG image format that uses indexed colors and supports image animations; similar to an animated .GIF file, but uses higher compression and features full alpha support (multi-level transparency).