The uses of the file format PNG?

new mac computers use PNG to create their screen shot files - they have very small file sizes.

new mac computers use PNG to create their screen shot files - they have very small file sizes.

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What does PNG mean?  What is a PNG format?  What does a png file format do?  What Program works with PNG Format?  How do you you save an image in PNG format?  Why and when is the best time to use a jpeg gif or png format?