This is the proper name for a penalty kick shootout used in soccer to decide the winner of a match with a tie score at the end of regulation or overtime (if allowed for) where the result must be a win or lose for a team. While most regular season matches can end in ties, tournament matches where the winner of the match advances to the next round, must have a winner.
Teams generally must select five players who were on the field when the match ended. Each player will get to kick a shot from the penalty kick mark. The keeper defending the goal cannot step off the goal line until the ball is kicked (though they can move side to side or jump vertically). The team with the most goals after five shots each wins. If they are still tied, they kick another five shots. Note that many youth leagues and tournaments will modify the procedures a bit.