Wouldn't think it would be possible to be confused by these things, would you?
The set that came with my Fluance speakers doesn't make a whole lot of sense to me. It appears you insert the stripped speaker wire end near the base of the plug and screw the clamp down. There is a lot of extra length to the plugs though, and there's a port in the back so you can attach a second banana plug behind the first one. Why?
The banana plugs stick out of my small surrounds and may get in the way of a speaker mount.
Just seems like it should be simpler than this. I see no reason to design banana plugs to be daisy-chained together.
Actually that is called 5 way connector. It is to accomodate the various ways to connect speaker wire to the terminals, i.e., spades, banana, bare wire, needle tip, locking bananas, ring spades, etc. It is made for simplicity, you are just thinking way too much into the function