Simplifying fractions involves making fractions simpler by performing the same operation to both the numerator and denominator, such as reducing 4/2 to 2/1. Comparing fractions can be done by looking at a fraction chart to determine if one fraction is equal, greater than, or less than another using the equals, greater than, and less than symbols. Equivalent fractions are fractions that represent the same amount, such as 3/6 and 1/2.