GCF doesn't apply to fractions, only to whole numbers. When those numbers are the numerator and denominator of a fraction, the GCF can be used to reduce it to its simplest form.
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Knowing the LCM will help when adding or subtracting unlike fractions. By finding the LCM of the denominators, (called the lowest common denominator) you can convert unlike to like fractions and proceed with the adding or subtracting. Knowing the GCF helps reduce a fraction. By finding the GCF of the numerator and the denominator and dividing both of them by it, you can reduce a fraction to its lowest terms (simplest form). If the GCF is 1, the fraction is in its simplest form. You can successfully multiply fractions without knowing the GCF or LCM.
The question presumes that math classes are not part of the real world, which is debatable. The GCF can be used to simplify fractions. Carpenters and chefs use fractions in practical, non-academic settings.
Reducing equivalent fractions to their simplest form.
I am not entirely sure what you mean, but if you need to add, subtract, or compare two fractions, they need to have the same denominator.
To simplify a fraction, divide the numerator and the denominator by their GCF. Example: 30/42 The GCF of 30 and 42 is 6. 6 into 30 is 5 6 into 42 is 7 30/42 = 5/7