Canvas quizzes allow you to test students on material using various question types. Quizzes can be built using one of two Quiz Engines: Quiz Classic and New Quizzes. Quizzes can also utilize question banks (item banks for New Quizzes) to store and randomize questions.
There are four different types of quizzes you can create: Graded Quizzes, Practice Quizzes, Graded Surveys, and Ungraded Surveys. Each provides different scoring functionality. You can also find analytics for both Quiz Classic and New Quizzes quizzes, as well as adjustments for specific students, by going to the Moderation page.
Quiz Classic is the older of the two Quiz Engines. It supports most of the available question types, as well as many third-party tools like Proctorio. To create questions for a Quiz Classic quiz, you just have to go to the quiz's Edit page, and then select the Questions tab.
For more information on Quiz Classic, look at the Instructure Help Pages.
New Quizzes is Canvas' new Quiz Engine. It supports the same question types as Quiz Classic, as well as new types. Quiz Classic quizzes can be converted to New Quizzes after being created.
For more information on New Quizzes, check out the Instructure Help Pages.