The question has a lot of varying answers. A car can have sponsors, the event itself has sponsors and a driver can have sponsors. As noted previous, the driver's sponsor will have badges on their racing suit (and likely require a mention if the driver is ever interviewed).
Car and event sponsors will have places on the car. Generally, car/team sponsors will not allow competing manufactures to "share" space on their car (which is usually specified in the agreement). So in your example, a car with Bridgestone badge on it, will be running Bridgestone tyres. And not allowed to have another tyre manufacturer badge on the car. Unless...
The exception will be if a competing manufacturer sponsors the event itself. In your example, if Pirelli sponsored the event itself, they will require a badge be on every car participating in the event. You can usually identify an event sponsor over a car sponsor by the placement of the badge. If it is in the same place on all the cars in the event, they are likely an event sponsor. If Bridgestone is only on a few cars, they likely only sponsor those cars.
You can also generally determine how much support a company has contributed to the event, car, driver by how large the badge is in comparison to the others. More space, larger badges equals more support. Keep in mind that this will be a ratio. The actual amounts will vary by event, car and driver.
The support itself could be outright cash, or parts (free or reduced prices) or anything the sponsor and team agree upon. It could also be something the team/driver support in some way themselves (i.e. a non-profit of special interest).