In order to create a Quiz, browse to the Quiz Questions section from the left sidebar of SP LMS and hit the "New" button from the top panel. 

To add a question set, you first need to fill out the mandatory fields like which course does this quiz belong to, the time allocated for this quiz, the quiz type: Free/Paid.
Once you set up all that, you need to set the questions. To do that, click on “Select” from “Quiz Questions”. You'll get a popup window for entering the questions.

When you're done click "Save".
To see the results of your students, browse to the Quiz Results section from the left sidebar of SP LMS.