JPG
The JPG or JPEG (pronounced "JAY-peg") file format is typically used for photographic and scanned images. JPG images can support gradations in color, a higher number of colors than PNG images, and can be compressed to a smaller size than GIF images. This is why the format that is usually used for images published on a Web site is JPG.
The quality setting you specify for a JPG image determines the amount of compression of pixels in the image. The higher the quality, the less the compression; the lower the quality, the higher the compression and the faster the download time. On most Web sites the difference between a low- and high-quality JPG is not readily noticeable, and the lower quality is often a recommended tradeoff for faster download time.