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This road sign means:

You have the right of way.
Yield the right-of-way.
Slow down if an emergency vehicle is approaching.
No Passing Zone.
Explanation

A YIELD sign is a red and white triangular sign indicating that other traffic has the right-of-way. Reduce your speed as you approach the intersection. Always yield to vehicles and pedestrians in or heading toward the intersection. If traffic conditions require it, you must come to a complete stop. When approaching a YIELD sign, carefully check for oncoming traffic and be ready to stop if necessary.

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This question appears in the following DMV practice tests:
Pennsylvania DMV Practice Test 1Ohio BMV Practice Test 2Oregon DMV Practice Test 4Utah DMV Practice Test 7Maryland MVA Practice Test 9Massachusetts RMV Practice Test 10Rhode Island DMV Practice Test 13North Carolina DMV Practice Test 16New Jersey DMV Practice Test 19Florida DMV Practice Test 19