The document discusses several common image file formats: TIFF, JPEG, GIF, PNG, and EXIF. TIFF files are uncompressed, high quality images used in design software. JPEG files are for photographs and use lossy compression for smaller file sizes. GIFs use lossless compression but have a limited color palette, making them suited for images with few colors like logos. PNG is an alternative to GIF with better compression and more colors. EXIF stores camera metadata in JPEG files.