Some of the formats you can choose from:
FLAC (recommended - maximum compatibility, maximum quality)
Opus (recommended if low bitrate is the priority)
Ogg Vorbis (for general lossy audio coding, probably succeeded by Opus)
Speex (intended for lossy encoding of voice, succeeded by Opus)

Totem has the feature to resume playback from the point, where you left off, built-in.

If you're interested in multimedia formats in general, you can find my recommendation here.

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