To determine how much pizza each person receives, we first acknowledge that Terrence and his three friends total to 4 people. They are sharing \( \frac{3}{4} \) of a pizza equally among themselves.
We can find out how much pizza each person receives by dividing \( \frac{3}{4} \) by 4:
\[ \text{Amount per person} = \frac{3/4}{4} \]
Dividing by 4 is the same as multiplying by \( \frac{1}{4} \):
\[ \text{Amount per person} = \frac{3}{4} \times \frac{1}{4} = \frac{3 \times 1}{4 \times 4} = \frac{3}{16} \]
Thus, each person receives \( \frac{3}{16} \) of a whole pizza.