Need Assisstance With This

So my band is planning on buying a 4-track and we are going to record in my basement. The we are leaning towards a cheap one, a Tascom because we we are all poor. I was just wondering if someone could explain in this thread how the thing works. Would we be able to record vocals, 2 guitars, bass and drums all onto one track? We are basically clueless about the situation.