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Please use this drill-down to further understand how and when to use different image formats
The words used above can be found here
Vector files are images that are built by mathematical formulas that establish points on a grid. Raster files are composed of the colored blocks commonly referred to as pixels. Because they can infinitely adjust in size without losing resolution, vector files are more versatile for certain types of tasks than raster files
* Since vectors are based around formulas, a vector image can scale at high resolution to virtually unlimited sizes. If you have a business logo saved in a vector format, it can be resized to fit on a billboard with no problems or reduced to be printed on a ballpoint pen or business card. Many printing processes can only work with vector file input.
Lossy compression refers to compression in which some of the data from the original file (JPEG) is lost. The process is irreversible, once you convert to lossy, you can't go back. And the more you compress it, the more degradation occurs. JPEGs and GIFs are both lossy image formats
SVG ( or Vector format ) supports the ability to change vector graphics over time, to create animated effects. SVG content can be animated in the following ways: Using SVG's animation elements [ svg-animation ]. SVG document fragments can describe time-based modifications to the document's elements.
raster graphics, also called bitmap graphics, a type of digital image that uses tiny rectangular pixels, or picture elements, arranged in a grid formation to represent an image. Because the format can support a wide range of colors and depict subtle graduated tones, it is well suited for displaying continuous-tone images such as photographs or shaded drawings, along with other detailed images.
With an image or graphic, transparent refers to an image that is clear and can take the effect of any images behind it.
A PNG is an image file type that allows you to have no background color. Most images cover a certain number of pixels and have color in all of those pixels, even if that color is white. A transparent background has nothing in the background pixels, allowing what’s behind it to show through.