The quiz tool in Canvas allows you to assess student's knowledge of course concepts. There are four types of "quizzes" that can be created in Canvas:
Graded Quiz - This is the most common type of quiz. Creating a graded quiz automatically creates a column in the gradebook. Questions that have a predetermined answer will be automatically graded.
Practice Quiz - Similar to a graded quiz except that the quiz does not add an entry in the gradebook.
Ungraded Survey - This option lets you solicit opinions and comments from students but they are not given a grade for answering.
Graded Survey - This option allows instructors to give points for completing the survey but will not let you grade on right/wrong answers.