How many squares does the figure have?

The given figure is made up of triangles, let's number each triangle for better understanding. 

We can observe that triangles 1 and 2 will make a square. 

Similarly, 3 and 4, 5 and 6, 7 and 8, 9 and 10 and 11 and 12 will also make a square 

Triangles 4, 5, 8 and 9 will also make a square 

Triangles 1, 2, 3, 4, 9, 10, 11 and 12 will make a square and similarly triangles 3, 4, 5, 6, 7, 8, 9, and 10 will make a square. 

Hence there will be a total of 9 squares possible.