Raster graphics are made up of pixels and have a fixed resolution, so scaling can cause quality loss. Vector graphics are defined by points and curves, allowing scaling without distortion. Common file formats include JPEG for photos, TIFF for documents, GIF for animations, and BMP, PSD, AI, and WMF for graphics. Compression reduces file sizes but can lower quality, while optimization improves loading speeds. Factors like file content, size, and naming impact storage and organization of digital graphic assets.