After short searching through web, I failed to find any clear reference for distinguishing any of them from each other.
But generally, the term 'script' is used more often for the interpret-able and human readable form of lists of commands while 'application' is used for unreadable and compiled form of binaries as software.
In this manner, scripts are usually used for batch jobs by administrators or coders --who actually LOOK INTO them-- and applications are normally used by end-users for interactive software.
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