Final answer:
The NFPA 704 marking system is important because it provides safety information about hazardous materials, and its colored diamonds represent different hazards. Each hazard is rated on a scale from 0 to 4.
Step-by-step explanation:
The NFPA 704 marking system is a standardized method of identifying hazardous materials. It is important to know the significance of NFPA 704 markings because they provide crucial safety information about the potential hazards associated with the substance. The various colored diamonds in the NFPA 704 diamond symbol represent different hazards such as fire, health, reactivity, and other special hazards. Each hazard is rated on a scale from 0 to 4, with 0 being the lowest hazard level and 4 being the highest hazardous level.