Let me give you a bit of advice: Use bit when you're talking about a small amount.

Bit is a small but useful word. Like drill bits, which fit on the end of a drill to change its function, the word bit has several uses. Usually, it means a little piece of something, even time. If you ask me when I'm arriving, I might say, "In a little bit." A bit can also be a short theatrical entertainment, the metal piece a horse bites on, or digital information that's 1/8 the size of a byte.

Definitions of bit
  1. noun
    a small piece or quantity of something
    “a bit of paper”
    “a bit of lint”
    “I gave him a bit of my mind”
    synonyms: spot
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    type of:
    small indefinite amount, small indefinite quantity
    an indefinite quantity that is below average size or magnitude
  2. noun
    a small fragment
    synonyms: snatch
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    type of:
    an incomplete piece
  3. noun
    a small fragment of something broken off from the whole
    “a bit of rock caught him in the eye”
    synonyms: chip, flake, fleck, scrap
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    fragments of wood
    exfoliation, scale, scurf
    a thin flake of dead epidermis shed from the surface of the skin
    (botany) a covering that resembles scales or bran that covers some plant parts
    sliver, splinter
    a small thin sharp bit or wood or glass or metal
    small scales from animal skins or hair or bird feathers that can cause allergic reactions in some people
    loose scales shed from the scalp
    type of:
    a piece broken off or cut off of something else
  4. noun
    a small amount of solid food; a mouthful
    “all they had left was a bit of bread”
    synonyms: bite, morsel
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    chaw, chew, cud, plug, quid, wad
    a wad of something chewable as tobacco
    small piece of e.g. bread or cake
    sop, sops
    piece of solid food for dipping in a liquid
    crumb of bread; used especially for coating or thickening
    cracker crumbs
    crumbs of crackers used especially for coating or thickening
    type of:
    mouthful, taste
    a small amount eaten or drunk
  5. noun
    an indefinitely short time
    “in just a bit
    synonyms: minute, mo, moment, second
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    New York minute, blink of an eye, flash, heartbeat, instant, jiffy, split second, trice, twinkling, wink
    a very short time (as the time it takes the eye to blink or the heart to beat)
    type of:
    an indefinite period (usually marked by specific attributes or activities)
  6. noun
    an instance of some kind
    “he had a bit of good luck”
    synonyms: piece
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    type of:
    case, example, instance
    an occurrence of something
  7. noun
    a short theatrical performance that is part of a longer program
    synonyms: act, number, routine, turn
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    show-stopper, showstopper, stopper
    an act so striking or impressive that the show must be delayed until the audience quiets down
    type of:
    performance, public presentation
    a dramatic or musical entertainment
  8. noun
    piece of metal held in horse's mouth by reins and used to control the horse while riding
    “the horse was not accustomed to a bit
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    bar bit
    a bit for horses that is a solid bar of metal
    a bit resembling a snaffle bit; used with a separate curb
    curb, curb bit
    a horse's bit with an attached chain or strap to check the horse
    a bit with a bar mouthpiece that is designed to combine a curb and snaffle
    snaffle, snaffle bit
    a simple jointed bit for a horse; without a curb
    type of:
    saddlery, stable gear, tack
    gear for a horse
  9. noun
    the part of a key that enters a lock and lifts the tumblers
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    type of:
    part, portion
    something less than the whole of a human artifact
  10. noun
    the cutting part of a drill; usually pointed and threaded and is replaceable in a brace or bitstock or drill press
    “he looked around for the right size bit
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    bur, burr
    small bit used in dentistry or surgery
    center bit, centre bit
    a bit with a sharp center point for guidance and two side cutters
    chamfer bit
    a bit that is used for beveling
    counterbore, countersink, countersink bit
    a bit for enlarging the upper part of a hole
    drill bit, drilling bit
    a bit used in drilling for oil
    expansion bit, expansive bit
    a bit with a cutting blade that can be adjusted to different sizes
    pilot bit
    a small bit that drills a first hole to guide a larger drill
    spade bit
    a thin bit with a center point and cutting edges on either side
    twist bit, twist drill
    a bit or drill having deep helical grooves
    core bit
    a hollow drilling bit that is the cutting part of a core drill; allows core samples to be taken
    blade bit, fishtail bit
    a drilling bit with cutting edges usually hardened against wear
    rock bit, roller bit
    a drill bit that has hardened rotating rollers
    type of:
    cutting implement
    a tool used for cutting or slicing
  11. noun
    a unit of measurement of information (from binary + digit); the amount of information in a system having two equiprobable states
    “there are 8 bits in a byte”
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    check bit, parity, parity bit
    (computer science) a bit that is used in an error detection procedure in which a 0 or 1 is added to each group of bits so that it will have either an odd number of 1's or an even number of 1's; e.g., if the parity is odd then any group of bits that arrives with an even number of 1's must contain an error
    type of:
    unit, unit of measurement
    any division of quantity accepted as a standard of measurement or exchange
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