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There are several ways to quiz students on the content of a video.
OPTION 1 - Panopto Video
You can add quizzes directly into your Panopto videos. This allows you to ask a question at any point in the video. For example, yo you could have 3 or 4 questions sprinkled throughout your video and then add those quiz enhanced videos as CANVAS assignments. There are limited question types (e.g., T/F, MC, Multi-select, Fill in blank), but the process is easy once you've done it once. Here's help on this:
TIP: How to access Panopto Editor to add a quiz to a video
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Within your CANVAS course, go to the video where you want to add a quiz.
Need help uploading or capture a video?
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Click the diagonal arrow button "Watch in Panopto"

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Click the Edit icon in the upper right corner of the player

Create Quizzes
From there you can add a quiz (or multiple quizzes) to your video:
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Click on Quizzes on the left
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Click on the timeline to indicate when you want the quiz to occur.
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Click Add a Quiz
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Add your question details
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Add more questions as needed, then press Done

Quiz settings
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You'll then have an option to specify whether students can retake the quiz, show correct answers, etc.
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Press Finish after selecting quiz options
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Press Apply to at the top of the editor.
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You can close the editor at this point, and add the quiz as an assignment.

OPTION 2 - YouTube Videos
You can also embed a YouTube video within the instructions of a standard CANVAS quiz. This method doesn't allow you to ask questions at specific points in the video, but it does give you the standard CANVAS question options.