Go back to basics and think of it like slices of pie.
If you have some number y, then 2 y will be twice the amount of y. This much is obvious, hopefully.
But say you have the number (1/2) (half). If you then ask what (1/2) of y is, or (1/2) y, you know that it is half of number y.
If y is 10, then (1/2) y = 5.
Now, back to pies.
Suppose you have a whole pie, and take half of it away. You now have (1/2) of a pie.
But what is half of half a pie? This is, written as maths, (1/2) x (1/2). And if you think about the pie, half of the half you have is a quarter. Same with the fraction.