Would a parachute attached to a mass fall faster than a parachute attached to a lighter mass? Why?Assuming they are both dropped from the same...

The reason a parachute works is that their is an upward
force exerted by the air that works against the downward force of the weight of the
object attached to the parachute.  How fast the object falls depends on the relationship
between the two forces.

To take an extreme example, imagine
one large parachute has an egg under it, while the other large parachute has a large
metal anchor attached to it. The anchor/parachute will fall faster than the
egg/parachute.  That is why when a plane is dropping a large load - like a truck or
artillery piece - there are usually several parachutes attached to counter the weight of
the truck.