
der Ausgleich
compensation
An action or thing that compensates for an imbalance or disadvantage.
Als Ausgleich für die Mehrarbeit erhielt sie einen zusätzlichen Urlaubstag.
As compensation for the extra work, she received an additional vacation day.
compensation / equalizer
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compensation
An action or thing that compensates for an imbalance or disadvantage.
Als Ausgleich für die Mehrarbeit erhielt sie einen zusätzlichen Urlaubstag.
As compensation for the extra work, she received an additional vacation day.

balance
A relaxing or different kind of activity that serves as a counterbalance to a strenuous or one-sided activity.
Für mich ist Sport der perfekte Ausgleich zum stressigen Büroalltag.
For me, sports are the perfect balance to stressful everyday office life.

equalizer
In sports, the goal or point that leads to a tie.
In der letzten Minute schoss die Heimmannschaft den verdienten Ausgleich.
In the last minute, the home team scored the deserved equalizer.

settlement
A financial arrangement or payment to settle a dispute or balance out a difference.
Die Parteien einigten sich vor Gericht auf einen finanziellen Ausgleich.
The parties agreed in court on a financial settlement.
The word is made up of 'aus' (out/even) and 'gleich' (equal). The basic idea is to create a state of balance or equality by 'ausgleichen' (balancing something out/compensating for something).
Nach einem langen Arbeitstag brauche ich einen Ausgleich.
After a long workday, I need some balance.
'Der Ausgleich' (compensation/balance) is the nominalization of the verb 'ausgleichen' (to balance out/compensate). The verb describes the action of creating balance or compensating for something.
Sie versucht, die fehlenden Stunden durch Mehrarbeit auszugleichen.
She tries to compensate for the missing hours by working overtime.
When it is about compensation, the preposition 'für' (for) is often used. You receive something 'als Ausgleich für' (as compensation for) a disadvantage or a service/performance.
Er bekam eine kleine Geldsumme als Ausgleich für den Schaden.
He received a small sum of money as compensation for the damage.
When an activity serves as a counterbalance, the preposition 'zu' (to) is often used. Something serves 'als Ausgleich zu' (as a balance/counterbalance to) another, usually strenuous activity.
Malen ist für ihn der ideale Ausgleich zum technischen Beruf.
Painting is the ideal balance to his technical profession.
In a sports context, 'Ausgleich' (equalizer) is almost always combined with verbs such as 'schießen' (to shoot/score), 'erzielen' (to score), or 'erzwingen' (to force), and refers to the goal or point that makes the score even.
Kurz vor Spielende erzielte der Stürmer den wichtigen Ausgleich.
Shortly before the end of the match, the striker scored the important equalizer.
replacement / compensation
Ersatz and Ausgleich can both refer to compensation for a financial loss. Ersatz takes the place of the specific thing that was lost. An Ausgleich is intended to compensate for the disadvantage that has arisen, but it may only partly mitigate its consequences.

Die Versicherung zahlt einen Ausgleich, der die Folgen des Verdienstausfalls nur teilweise mildert.
The insurance company pays compensation that only partly mitigates the consequences of the loss of earnings.
Die Versicherung leistet Ersatz für den nachgewiesenen Verdienstausfall.
The insurance company provides compensation for the documented loss of earnings.