You can do so by using a multimeter. According to the standard color convention, red wire is the positive connection and black wire is the negative connection.
To measure voltage:
A 9V DC supply is given to power the circuit. The LED glows as soon as the connection is made. Make sure the wires are tightly secured.
1. Then connect the testing leads to the multimeter.
2. Turn the knob to the DV voltage section (because you are measuring Direct voltage).
3. Connect the probes as per polarity.
4. Power on the multimeter.
5. Note down the reading.

To measure Current :
1. Turn the knob to the DCV section.
2. Choose the current rating. The display will show current in both rating.
3. Connect the testing leads to the set up.
4. Turn ON the multimeter.
5. Note down the reading.

Hope it helped.