1) Fixed point numbers represent integers in a binary format using a fixed number of bits. They have limited range but are fast and inexpensive to implement. Floating point numbers use exponents to represent a wider range of values with varying precision levels. 2) Common data types include short (16-bit integer), int (32-bit integer), float (32-bit floating point), and double (64-bit floating point). Floating point values follow IEEE standards and use significands and exponents. 3) Single precision floating point uses 32 bits with 24 bits for the significand, while double precision uses 64 bits with 53 bits for the significand, allowing wider ranges of values to be represented.