What is the difference between a VM image and a VM instance?

Question $1$Answer

a$.$

VM image is immutable, while a VM instance can be modified during runtime.

b$.$

VM image is a snapshot of a running VM$,$ while a VM instance is the actual running VM$.$

c$.$

VM image is stored on a physical server, while a VM instance is stored in a virtual environment.

d$.$

VM image contains the entire OS and application stack, while a VM instance is a virtual representation of hardware resources.