**Answer**
Looked it up in my book. Here's how it describes it (reworded of course):

First it describes it as a lemma,

which needs to be proven (using the statements for n = k - 1 and for n = k to prove the statement for n = k + 1 so you'll be needing two base cases instead of just one meaning we have to check for n = 1 and n = 2).

When n = 1, we have to verify that

. Now since

, we must verify that

which must be true since it's a defining relationship for the Fibonacci numbers.

When n = 2, then we need to verify that

. Now since

and

, then we need to verify that

which is true based on the following:

Next we assume the statement holds for n = k - 1 and n = k or

and

which is the

induction hypothesis. From out of the next series of equations:

=

=

=

=

=

we have

which is the statement for n = k + 1 which completes the proof.