First, let's take the word "little". We all know what that means. Yep, small, not tall, younger sibling (little brother). Or a short period of time (wait a little). Not important (make little of). Or a short distance (down the road a little).
OK, now for the word "bit". According to the on line dictionary ( http://www.thefreedictionary.com/bit ) it can be " A small portion, degree, or amount" Also, we all know that the coin, a quarter, is called two bits. So one bit would have to be twelve and half cents, right? There are bits and bytes in computers, I bit down on my sandwich yesterday, he put the bit in the horse's mouth, I only get bit parts, and yes, I am working on it bit by bit. There are a lot more meanings and I am sure you know more than I have listed here. Now, have a little bit of fun and have a great day, you hear?