There are several common graphic file formats for images, with TIFF, JPEG, and GIF being the most widely used. The best format depends on factors like the image content, intended use, need for editing, and compatibility. TIFF is a versatile, lossless format best for master copies. JPEG uses lossy compression and is best for photos. GIF is limited to 256 colors but works well for logos and is widely compatible. The document provides details on the characteristics and use cases of various formats.