Homonyms are words that are spelled and pronounced the same but have different meanings. Homophones are words that sound the same but have different spellings and meanings. The document provides examples of homonyms such as pole, bark, and rock. It also provides examples of homophones such as bean/been, maize/maze, and hare/hair. The document was prepared by Sruthi.P and discusses homonyms and homophones to distinguish words that may be confused due to their similar sounds or spellings.