Bounce rate Vs Exit rate - What is the Difference

I have seen most of us get confused with the difference between bounce rate and Exit rate. Lets see what is the difference between the both.

Bounce Rate: Bounce rate is the percentage of single-page visits or visits in which the person left your site from the entrance (landing) page. A high bounce rate generally indicates that site entrance pages aren't relevant to your visitors.
A bounce usually occurs when someone comes to your landing and immediately returns the previous page they were on. (back button on the browser). Bounce rate is based solely on the number of "Entrances" to that page.

Exit Rate : An Exit means that the user or customer has left your site or could even mean that they might have closed the browser. The Exit rate is calculated on the unique views of that page.