Your already headed in the right direction!
Set it to V DC, or the V without squigley lines.
Clip or hold the black wire to a good ground or battery negative.
Use the red probe or clip to measure the voltage at the places mentioned earlier in the thread. Battery Pos. and alternator out are good places to start. Note the voltage engine off, and running. Slightly rev the motor using the throttle on the carb if you have to. Note if the voltage follows the rpm.