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When reducing fractions to their lowest terms, you are finding the:

  1. Greatest common factor

  2. Highest multiple

  3. Smallest denominator

  4. Smallest equivalent fraction

The correct answer is: Smallest equivalent fraction

When reducing fractions to their lowest terms, you are identifying the smallest equivalent fraction. This process involves dividing both the numerator and the denominator by their greatest common factor (GCF), which results in the simplest form of the fraction. Finding the smallest equivalent fraction allows you to express the original fraction in the most basic form, making it easier to understand and compare with other fractions. This is essential in mathematics for simplifying calculations and ensuring clarity in expression. The other options refer to different concepts that are not primarily involved in the process of reducing fractions. For example, the greatest common factor is related to the method used to reduce the fraction, but the goal of the reduction itself is to achieve a smaller and simpler equivalent fraction.