Flashcards on the founding and crises of the Weimar Republic?

We're supposed to create two flashcards, one on the founding of the Weimar Republic and the other on the crises. I have no idea what a flashcard is or how comprehensive it should be. We've been given a seven-page text on the topic, which describes the events from 1918 to 1923 and their backgrounds in quite some detail. Writing down what I consider to be the most important events and contexts would fill about three pages with bullet points in 11-point font.

What exactly is hidden behind the above-mentioned task?