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Binary bits are necessary to represent 748 different numbers in the sense that binary bits are represented in digital wave form. Binary bits also have an exponent of one.
Using 4 bits the signed range of numbers is -8 to 7. When working with signed numbers one bit is the sign bit, thus with 4 bits this leaves 3 bits for the value. With 3 bits there are 8 possible values, which when using 2s complement have ranges: for non-negative numbers these are 0 to 7; for negative numbers these are -1 to -8. Thus the range for signed 4 bit numbers is -8 to 7.
Scientific Notation
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With 4 bits, you can represent 2^4 or 16 different numbers. This is because each bit can have 2 possible values (0 or 1), so with 4 bits you have 2 x 2 x 2 x 2 = 16 possible combinations. These numbers range from 0 to 15 in decimal representation.