FORMAT.com

Format a disk for use with Windows NT

syntax
      FORMAT drive: [/FS:file-system] [/V:label] [/Q] [size] [/C]

key
   /FS:file-system The file system (FAT or NTFS).
                   The NTFS file system does not function on floppy disks.

   /V:label        The volume label.

   /Q              Quick format.

   /C              Compression - files added to the new disk will be compressed.

[size] may be defined either with /F:size or /A:size

   /F:size         size is the size of the floppy disk (720, 1.2, 1.44, 2.88, or 20.8).

   /A:size         Allocation unit size. 
                   Default settings (via /F) are strongly recommended for general use.
                   NTFS supports 512, 1024, 2048, 4096, 8192, 16K, 32K, 64K.
                   FAT supports 8192, 16K, 32K, 64K, 128K, 256K.
                   NTFS compression is not supported for allocation units above 4096.

Note:
Attempting to format a 720K floppy as 1.4 Mb will give the rather unhelpful error:
"The type of the file system is RAW. Invalid media or Track 0 bad - disk unusable."

Related Commands:

Q314878 - Choosing Cluster Size when formatting a hard drive
Q252448 - How to create an NT Bootdisk
GDISK - Ghost Disk, a popular 3rd party tool.

Equivalent Linux BASH commands:

fdformat - Low-level format a floppy disk
fdisk - Partition table manipulator for Linux