Many times the word "homonyms" is used to describe words that sound the same but have different spellings and meanings, like "bear" & "bare" or "pail" & "pale," but these types of words are actually called "homophones."
Examples of Homonyms:
Net: (1) An item used to catch things, like butterflies or fish, (2) the amount of money you get paid after deductions, (3) slang for "Internet," (4) the amount you gain after the work and trouble you go through
Point: (1) Something sharp at its top, (2) the main idea, (3) something you do with a finger
Right: (1) opposite of left, (2) correct, (3) conservative in politics, (4) a freedom given to us by government
Beat: (1) Win against another team, (2) hit someone, (3) slang for being exhausted
Pass: (1) To move ahead of someone else, (2) skip a turn, (3) give something to someone else, like the salt at a dinner table (4) the opposite of "fail" in a class, (5) a route around a mountain, (6) a free ticket
Balance: (1) an equal distribution of weight, (2) emotionally stable, (3) amount of money owed on a credit card, (4) amount in a bank, (5) an instrument used for determining a person's weight