If this is an interview question or a certification question, it may benefit you to mention which one as that may influence the answers you get. If this is a general curiosity, then I'll be glad to share my views.
Most test management tools I've worked with start out with requirements. These are broken out into test cases and the relationship between the 2 can vary. It can be 1:1, 1:M, M:1, M:M. The test cases are further broken out into test scripts. Typically you do not see a test script referencing multiple test cases, but I could easily envision that scenario.
In some areas a Test Case is a manual test and a Test Script is an automated test case. In Rational Quality Manager you are permitted to have multiple Test Scripts for each Test Case. But fundamentally I don't see any actual difference between a Test Case and a Test Script. They both describe how to set up an application, input some type of data and look for an expected output. So I guess Joe's answer is right: Yes & Yes. I wonder what the expected answer would be for whatever you obtained the question from.
1. test case is derived from requirement (functional, non-functional.. etc)
2. test script is the details/step-by-step instruction how to execute the test case.
3. one script might test one or more test cases depending on the situation.
If you combine multiple cases into one script will pass/fail all cases together in your reporting.
It takes more time and effort to create one test script per case but your report will be more accurate.
If the quesiton is from a services based company, then the answer would be --- "Ask the Client". The client is always right!!!
If the question is from a product based company, then ask the entire test team and vote for the best answer.
If the question is from a company that wants employees to spend productive time, then you can move on to other questions around methods of testing and stop being a "slave to terminologies"!!!