Apparently, it depends on the model. On the Minolta Flash Meter II, you dial in the ISO and the shutter speed, and the meter gives you the f-stop. The shutter speed is generally irrelevant, so you are simply reading the amount of light from the flash -- controlled by the f-stop, distance, and filtration.
With the Flashmeter IV, you have the function selector setting for f/number, and you select f/5.6
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