New Camera w/ Software

I recently purchased a Kodak digital camera and am installing the software that came with it but have ran into a problem. The program asks me to select a file format for it to save as but I am unsure which is the best. The choices are JPEG, BMP, GIF, TIFF, PSD. I am familiar with the first three, but which is better than the other? Thank You

JPEG.

Thank You

JPEG is the standard.
GIF is used for avatars or logos.