For just a few hours -> most of a days ramble? Knife, SAK in pocket (always there), a firesteel in pocket, a bandana in pocket. Often a military field dressing in a pocket. For winter it gets a bit more extensive, since a night out calls for more; a pot for melting snow, an axe, extra clothes, etc. The possibilty of a -35 C night in the deep snow calls for a bit more than a knife and a firesteel. If I carry any form of pack I usually chunk in the possibles pouch[1]
If I want to have more freedom I carry either the "Indiana Jones", with things like a poncho, a pot, a kuksa, small first aid kit. Or a day pack with axe, spare clothes, etc.
My basic philosophy is; what can happen, considered with no excessive paranoia. I may twist an ankle, be attacked by a horde of zombies or cut myself more or less badly with knife or axe. Bears? Not a real danger, just some common caution. Wolves? Not a great danger for free running dogs, and I am in much greater risk of getting a stroke or heart attack mid-coitus than of them bothering me. Getting lost is possible, but has never happened so far (not counting slightly confused in dense growth until one cans ee some landmarks).
For the zombies (or is that magpies, I can never tell the difference) I suggest something capable of full auto in .375 H&H. Some people will suggest drum fed full auto shotguns, but unless you use slugs they simply do not have the stopping power needed for the larger corvids.
For the rest the ability to stop a bleeding (bandana+field dressing or bandaids/steristrips), make fire under any conditions and build a shelter (hands, but some cordage helps, and a knife and/or an axe makes it quick and easy) pretty much sums it up. Potable water is everywhere around here, so no need to carry or purify. The rest is convenience, comfort and toys.
[1] A small canvas pouch (0.7 L volume) with a few usefull odds and ends; DC4 sharpener, firesteel, a peice of waxed paper, a few bandaids+steristrips, some wire, small vice-grip pliers, some cordage, a Silva 27(?) compass (the "mini-ranger", the mirror is handy in case one gets something in the eye), 1 m carpenters folding ruler (for tracks), a small container (sligthly smaller than a film can) with a few nails). Basically the bits-and-bobs that can come in handy.