There is only little milk.
There are only a few left.
His proposal was a little vague.
This word is a single kanji with hiragana attached, though there is no specific clue as to what type of word it is. That means you can usually guess it's a noun, adverb or na-adjective (in this case it's a noun / adverb). The meaning of this word is pretty much the same as the kanji, though, making it fairly easy. The kanji meaning for 少 is few, and the meaning of the vocab form is a little or a few.
Did you know that this word created an English word you probably already know? Have you ever heard someone say "just a skosh"? That's 少し! Hopefully you know this English word and therefore know this Japanese word as well.