It depends on the size of the cylinder - I've got one that measures down to 0.2 milliliters.
The smallest will be 1 ml +/- 0.01.
To measure the amount of liquid in a specific manner
There are little lines that you can read to find the amount of liquid in the cylinder.
10 ML
10 ML
If the object in question is water proof, and small enough. You can measure the amount of displaced water when it is placed in a tank full of water, this may not work for a lot of things but it can help when attempting to measure some objects.
If you measure properly, the amount of water does not change. Measurement with whatever graduated cylinder you choose will not alter the amount of liquid measured. Most people choose to measure once with a larger one, but if the amount of liquid falls between the measurement lines, you can measure the "leftover" with a smaller cylinder and find the exact answer.
A measuring beaker... a graduated cylinder or a buret
A tool that is used for measuring small amount of liquid is a graduated cylinder.
The easiest way to measure the amount of fluid it displaces. So if you fill a graduated cylinder with a certain amount of water, and then place the solid object inside the cylinder, the water level will increase. The amount of increase equals the solid objects mass. EUREKA!
The amount that a graduated cylinder can measure does not change with time so the latest volume is the same as the volume earlier in time.
Pipette can hold a small amount of liquid but a graduate cylinder can hold more and its good for accuracy.