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This road sign means:

Wrong Way.
Slow down and be prepared to stop if necessary.
You must come to a complete stop.
You may proceed at regular speed through the intersection.
Explanation

A 3-sided red YIELD sign, instructs drivers to slow down and be prepared to stop if necessary. It means you must yield the right-of-way to any oncoming vehicles, bicyclists, or pedestrians. As you approach the sign, reduce your speed, check for approaching traffic, and only proceed when it's safe to do so after yielding to others.

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This question appears in the following DMV practice tests:
California DMV Practice Test 1Idaho DMV Practice Test 1Illinois DMV Practice Test 2New Jersey DMV Practice Test 7Utah DMV Practice Test 8Connecticut DMV Practice Test 9New Hampshire DMV Practice Test 9Arkansas DMV Practice Test 10Hawaii DMV Practice Test 11Indiana BMV Practice Test 11