Testing a speedo pick up sensor(HOW)

The speedo on my 2001 Honda 350 Fourtrax(Rancher) is not working. I have done all the tests laid out in the manual(20-9 to 20-10) Everything is normal. But I cannot test the pick up sensor as laid out on PP 20-10. Is there any way that a regular multi meter can substitute for the inspection adapter--07GMJ-ML80100. I can't seem to detect any volt pulse at all on my meter, and I am confused about what is the red clip+ and the White clip-.

Can anyone with this manual or who has this machine lend me any help.