time vs piece

time and piece both are nouns.

Word	Noun	Adjective	Verb	Adverb
time	Yes	No	Yes	No
piece	Yes	No	Yes	No

As nouns, piece is a hyponym of time; that is, piece is a word with a more specific, narrower meaning than time:

time: an indefinite period (usually marked by specific attributes or activities)
piece: a period of indeterminate length (usually short) marked by some action or condition

Other hyponyms of time include day, dead, hard times, incarnation, wee, patch, spell, while, bit, minute, mo, moment, second, ephemera, space age.

time (noun)	piece (noun)
the continuum of experience in which events pass from the future through the present to the past	a separate part of a whole
rhythm as given by division into parts of equal duration	game equipment consisting of an object used in playing certain board games
an instance or single occasion for some event	a portable gun
a person's experience on a particular occasion	a work of art of some artistic value
an indefinite period (usually marked by specific attributes or activities)	an item that is an instance of some type
the period of time a prisoner is imprisoned	a distance
a reading of a point in time as given by a clock	a musical work that has been created
the fourth coordinate that is required (along with three spatial dimensions) to specify a physical event	an artistic or literary composition
a period of time considered as a resource under your control and sufficient to accomplish something	an instance of some kind
a suitable moment	a serving that has been cut from a larger portion
	a portion of a natural object
	a share of something
	a period of indeterminate length (usually short) marked by some action or condition

time (verb)	piece (verb)
measure the time or duration of an event or action or the person who performs an action in a certain period of time	repair by adding pieces
regulate or set the time of	eat intermittently; take small bites of
adjust so that a force is applied and an action occurs at the desired time	join during spinning
assign a time for an activity or event	to join or unite the pieces of
set the speed, duration, or execution of	create by putting components or members together