Final answer:
Floating point data types store real numbers in a form akin to scientific notation, normalize data for readability and calculation, and come in various sizes indicating precision and range based on bytes used.
Step-by-step explanation:
Floating point data types are designed to hold real numbers that may include fractions or decimals and are capable of representing a vast range of values, including very small or very large numbers. These data types are stored in a form similar to scientific notation, ensuring that numbers are all normalized, which means there is only one non-zero digit before the decimal point. This parallels the scientific notation rule that there should be only one digit to the left of the decimal point, making numbers easier to read and calculate with. Floating point numbers are available in different sizes, which refers to the number of bytes used to store the data and indicates the precision and range of the numbers that can be represented.