I know there are different photo formats but what do they all mean and how do they effect pictures?
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To add to the previous comments…
The compression used in JPEG, although lossy, will not result in any noticeable issues for most photographs of normal scenes in the real world, where there are lots of different colours used in every part of the image. The loss of information caused by the compression process shows up in “compression artefacts” in the image, but these will hardly be noticeable as long as a modest level of compression is used (this can be selected on the camera or when writing the JPEG) and as long as the process of re-compressing isn’t repeated multiple times.
For block graphics (e.g. logos) even modest levels of (lossy) compression result in artefacts that make the boundaries between blocks of colour messy. That makes PNG (with its lossless compression) a much better format for block graphics. Edit to add… PNG is also better for screen grabs, for the same reason (as long as the screen isn’t just showing a photo).
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