1/4,1/8,1/16...
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In fractions equivalent to 1/2, the numerator is half of the denominator. Any fraction where the numerator is less than half of the denominator, like 19/40, is less than 1/2. Any fraction where the numerator is more than half of the denominator, like 49/96, is greater than 1/2. That's also a quick way to compare fractions. 4/9 is less than 5/8.
It need not be. The numbers 1/2 and (-1/2) are both fractions less than 1 but their quotient is -1, which is less than both the fractions.
There are an infinite number of fractions with a value less than 1/2. Some examples are 1/3 1/4 1/5 2/5 1/6 1/7 2/7 3/7 3/8 11212/22425 1/10000090067856 and countless more. Any positive fraction, where the denominator is more than twice the numerator, and all negative fractions as well.
Improper fractions are always > 1. Reason, the numerator (top) is always larger than the denominator(bottom). NB Improper fractions is the correct term for 'Top Heavy' fractions.
1/2 is the same as 19.5/39, which is more than 4/39. (Don't use decimals in fractions, this was an example.)