Identify the fraction to simplify, which is \(\frac{16}{24}\).
Find the greatest common divisor (GCD) of the numerator (16) and the denominator (24). This is the largest number that divides both 16 and 24 without leaving a remainder.
Divide both the numerator and the denominator by the GCD to reduce the fraction to its lowest terms. This means calculating \(\frac{16 \div \text{GCD}}{24 \div \text{GCD}}\).
Write the simplified fraction after performing the division in step 3.
Verify that the simplified fraction cannot be reduced further by checking if the numerator and denominator share any common divisors other than 1.