Definitions of bit:

• noun:   the cutting part of a drill; usually pointed and threaded and is replaceable in a brace or bitstock or drill press

  Example: "He looked around for the right size bit"

• noun:   piece of metal held in horse's mouth by reins and used to control the horse while riding

  Example: "The horse was not accustomed to a bit"

• noun:   a small fragment of something broken off from the whole

  Example: "A bit of rock caught him in the eye"

• noun:   a unit of measurement of information (from Binary + digIT); the amount of information in a system having two equiprobable states

  Example: "There are 8 bits in a byte"

• noun:   a small fragment
• noun:   an instance of some kind

  Example: "He had a bit of good luck"

• noun:   a small amount of solid food; a mouthful

  Example: "All they had left was a bit of bread"

• noun:   a small quantity

  Example: "A bit of paper"

• noun:   an indefinitely short time

  Example: "In just a bit"

• noun:   a short theatrical performance that is part of a longer program