Well, every type of paint has different properties and has its own pros and cons. The Oil/Alkyd based paint should be generally used for small interior projects such: wood trim, cabinets, and metal surfaces. Oil based paint provides good abrasion resistance, smoother finish and it has good bonding characteristics. Unfortunately it smells bad, and dries very slowly. It can be cleaned up with paint thinner or variety of mineral spirits.
The Latex paint may be used for both interior/exterior projects. It is less expensive, fade resistant, it does not require any special solvents so it can be cleaned up with water, and it dries up quickly. It has, however, a more rubbery feel and it doesn’t resist marking and smearing as well as the oil based paints.
The Acrylic paint basically has all properties of the latex paint, but it has better bonding properties, it is more elastic and quite easily expands and contracts with heat or cold. It is excellent choice for most of your projects; however, it is more pricey.
Try to follow a standard. For interior wooden trim, bathroom, kitchens and places where dirt or oil may be a problem you should use a semi-gloss finish. Once it’s dry, semi-gloss finish is very easy to clean and maintain.
For ceilings, garages, exterior wood siding, concrete and walls that have low level usability you should choose flat finish.
For bedrooms, living rooms, hallways and even exterior wood siding you should consider satin. It can provide very low sheen and limited washability.
For surfaces where you don’t desire shine and which require minimum use you should think of eggshell.
If you are still not sure what kind of paint or finish you should use for your project, ask for advice your painting contractor or somebody at the local paint store.