1/4 pound.
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There are 16 ounces in 1 pound, so 12 ounces is 3/4 of a pound, or 75%
I suppose you're asking what fraction of a pound is four ounces. Since there are, as you say, 16 ounces to the pound, four ounces is 4/16 pound. Since 4/16 = 1/4, four ounces is a quarter of a pound.
Well, there are 16 ounces in 1 pound, so there would be 4, 4 ounces in 1 pound bag and 4 x 3 = 12, so there would be 12, 4 ounces in a 3 pound bag, or 48 ounces total!
16 ounces are equivalent to one pound.
0.75 pounds (3/4 pound) is 12 ounces.