The document defines and provides examples of calculating the greatest common factor (GCF) and least common multiple (LCM) of two numbers. It explains that the GCF is the largest factor that is common to both numbers, using 16 and 12 as an example. The LCM is the smallest multiple that is common to both numbers, demonstrated with the multiples of 3 and 7. The document concludes that GCF and LCM word problems will be covered next.