To expand on Chris' answer a little bit, a world file describes the cell size, any rotations, and the coordinates of the lower left corner of the raster. Here's an example from Wikipedia:
32.0
0.0
0.0
-32.0
691200.0
4576000.0
There's no information on the coordinate system, and it could be any UTM zone, a bunch of Gauss-Kruger zones, and probably a few other things. There's no way to know, unless the coordinate system is also defined in the TIFF, you have knowledge of the coordinate system, or can pick a likely coordinate system based on your knowledge of the location that the data represents.
Melita